Oliver Wyman and Riyad Bank Appointed as Consultants for Nuclear Program
September 11, 2012 – The King Abdullah Center for Atomic and Renewable Energy (KACARE), created in 2010 to develop renewable energy sources, and the Saudi Government have appointed Oliver Wyman, a U.S. management consultancy firm, Riyad Bank, and French bank BNP Paribas as part of an advisory council to study the development of a nuclear program in Saudi Arabia. KACARE plans to build a 17 gigawatt nuclear power program by 2032. The advisors will assist in establishing a holding company for the ownership of the nuclear plants. The group will also create a regulatory framework for the nuclear sector, and advise on different financing methods for the project. By 2030, KACARE aims to produce 18 percent of Saudi Arabia’s power through nuclear energy.