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FINANCIAL NEWS
Saudi, France to ink nuclear deal
24 Jan 2011
(MENAFN) Anne Lauvergeon, Chief Executive of Areva, a France-based nuclear reactor maker, said that it will sign a partnership agreement with Saudi Arabia’s Binladin Group, for nuclear and solar energy, in a bid to meet accelerated demand and cut fossil fuel use in the Kingdom, Reuters reported.
According to Lauvergeon, although it sits on the world’s largest oil and gas reserves, Saudi Arabia is struggling to keep up with rapidly rising power demand as petrodollars have fueled a Gulf wide economic boom as well as a population boom.
The mentioned agreement with Areva is 90 percent controlled by the French government through direct and indirect holdings, the chief executive added.
Total power demand in the Saudi kingdom is expected to triple to 120 gigawatts (GW) by 2050 from around 40 gigawatts in 2010, revealed Lauvergeon.
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BBK’s General Assembly Approves 35% Cash Dividend Distribution to Shareholders
12 Mar 2025
Mr. Yaser Alsharifi completes Harvard Business School Presidents’ Program in Leadership
19 Feb 2025
Bank of Bahrain and Kuwait BSC announces the transfer of HSBC Middle East, Bahrain Retail Business to BBK.
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