Saudi Arabia plans to monetize all minerals, including uranium, as part of its broader economic diversification efforts, Saudi Energy Minister Prince Abdulaziz bin Salman announced on Monday at a conference in Dhahran. The minister emphasized the kingdom’s intention to enrich uranium and produce “yellowcake,” a powdered concentrate used in nuclear fuel production.
“We will enrich it, sell it, and produce yellowcake,” Prince Abdulaziz said, highlighting Saudi Arabia’s ambition to establish a robust uranium sector. Yellowcake, while requiring careful handling, poses minimal radiation risks and serves as a critical step in the nuclear fuel cycle.
Expanding Nuclear Ambitions with Uranium Focus
Saudi Arabia’s nascent nuclear program aims to diversify its energy mix by incorporating nuclear power. Although its first nuclear reactor is yet to be operational, the kingdom has set its sights on uranium enrichment, a process closely monitored due to its dual-use potential in energy production and nuclear weapons development.
Crown Prince Mohammed bin Salman previously stated in 2018 that Saudi Arabia would pursue nuclear weapons development if regional rival Iran obtained them, raising questions about the ultimate scope of Riyadh’s nuclear ambitions.
Comparison with Regional Counterparts
Saudi Arabia’s approach contrasts with the United Arab Emirates (UAE), which operates the Arab world’s first multi-unit nuclear energy plant. The UAE has committed to not enriching uranium or reprocessing spent fuel, focusing solely on peaceful energy generation.
In 2022, Saudi Arabia announced plans to transition from light-touch oversight of its nuclear facilities by the International Atomic Energy Agency (IAEA) to standard safeguards by the end of 2024. Under the current Small Quantities Protocol, the kingdom is exempt from stringent reporting and inspections due to its less advanced nuclear activities.
Nuclear Energy as a Pillar of Diversification
Saudi Arabia’s move to monetize minerals, including uranium, aligns with its Vision 2030 plan to reduce reliance on oil by developing alternative industries. The kingdom sees nuclear energy as a vital component of its strategy to create a sustainable and diversified energy portfolio.
