“Uniquely among nonnuclear powers that seek to develop civilian nuclear energy production on a large scale for economic reasons, Saudi Arabia possesses and intends to mine its own uranium. Under a 123 process, it would have to essentially mine that uranium, export it to be processed into usable rods, reimport the rods for use in Saudi reactors, and then export the spent rods again for disposal. This wouldn’t be profitable and makes little sense from a Saudi perspective. Therefore, a modified arrangement involving oversight, but not the pinball-style movement of Saudi raw and enriched uranium or spent rods, is more reasonable.” 

Hussein Ibish, Obstacles From All Sides Face a U.S.-Saudi Arabia-Israel Grand Bargain [Arab Gulf States Institute in Washingon]