00:00The U.S. and Saudi Arabia, it seems, are set to sign a cooperation deal to develop a civil nuclear industry.
00:07Just tell us, why is that significant?
00:10Well, Tom, if we look at the agenda of the Vision 2030 and the way the industries have been promoted,
00:16the impact that is likely to have on the economic development of the nation, the theme seems to be quite recurring.
00:23We want to build things in Saudi Arabia, use them in Saudi Arabia, export them,
00:28and in this particular subject, the only addition is the fact that Saudi Arabia also wants to use sustainable and renewable energy.
00:38Now, not many people know this, but around 1% to 4% of the world's uranium is actually estimated to be in Saudi Arabia.
00:46So it goes without saying that there is a desire or intention to mine, develop, use this for the purpose of local benefit,
00:57and then distribute to the world as and where required.
01:01Now, earlier this year in Davos, actually, the Minister of Energy, His Excellency Al-Jubair,
01:08he said quite clearly that Saudi Arabia would like to mine the material, run the beneficiation process,
01:18run the downstream, and extract the maximum value from the resource.
01:22So this is, of course, a significant deal because it's the creation of an entire industry,
01:27much like the others that have been promoted under Vision 2030.
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