Trump’s inner circle stands to gain from Saudi nuclear energy deal – report

Sons, supporters linked to firms that could build and power reactors for Riyadh under deal, NYT says; White House accuses media of ‘attempts to fabricate conflicts of interest’

The White House’s push to let American nuclear energy companies do business with Saudi Arabia could turn a profit for members of US President Donald Trump’s inner circle, The New York Times reported Sunday.

Washington said last week that it reached a civilian nuclear pact with Riyadh, but the agreement’s status is unclear after Trump said the deal hinged on Saudi Arabia normalizing relations with Israel. Saudi Arabia has said it would not normalize relations with Israel without a tangible path toward Palestinian statehood, which Israel rejects.

Should a deal be reached, the construction of new reactors in Saudi Arabia and the supply of nuclear fuel to power them could result in a payday for firms affiliated with Trump and top cabinet members and donors, the report said.

Trump’s sons Eric and Donald Jr. in November acquired partial ownership of a nuclear fuel firm called Quantum Leap Energy, and the president’s eponymous Media & Technology Group said in December that it would merge with the nuclear start-up TAE Technologies.

The deal is expected to include the US-based firm Westinghouse, which developed a large-scale nuclear reactor that has been used in China, according to three sources with knowledge of the matter who were cited by the Times.

Westinghouse is, in turn, a frequent business partner of real estate firm Newmark, which is partially owned by the sons of Trump’s Commerce Secretary Howard Lutnick, the Times said.

Another potential beneficiary of a US-Saudi nuclear deal is top Trump donor Peter Thiel, a major investor in nuclear fuel firm General Matter.

A White House spokeswoman denied to the Times that the White House had any ulterior motives in pushing for a nuclear deal with Saudi Arabia.

“The media’s continued attempts to fabricate conflicts of interest are irresponsible and reinforce the public’s distrust in what they read,” said the spokeswoman.

Current and former Israeli officials have expressed concern over the US-Saudi deal, saying it could spark a nuclear arms race in the region and gives up leverage over Saudi Arabia to normalize ties with Israel.