Construction of the nuclear power plant in Baraka. WAM
Construction of the nuclear power plant in Baraka. WAM
Construction of the nuclear power plant in Baraka. WAM
Construction of the nuclear power plant in Baraka. WAM

UAE energy chief calls for nuclear consensus


  • English
  • Arabic

The UAE energy minister has painted an optimistic picture of nuclear power two years after the Fukushima disaster in Japan but cautioned other nations to step up liability and safety practices.

Suhail Al Mazrouei spoke alongside counterparts at an International Atomic Energy Agency (IAEA) summit in St Petersburg as nuclear energy faces obstacles in public-safety fears, competition from low gas prices in North America and reduced access to credit for funding expensive reactors. In three years, renewables such as solar and hydro are set to produce double the amount of electricity generated by nuclear, according to some forecasts.

But from the perspective of the UAE, which will be home to the Arab world's first civilian reactor in 2017, atomic energy is moving along just fine.

"Countries with nuclear reactors continue to operate their reactors - 434 nuclear power reactors are in operation today, 69 under construction and more are planned," said Mr Al Mazrouei. "This demonstrates, despite the challenges, that nuclear energy will continue to play a significant role in the global energy sector."

Last month Abu Dhabi began pouring safety-related concrete for its second reactor, one of four taking shape on the coast at Baraka.

The UAE has been able to roll out its nuclear project at one of the fastest paces in the world - four years from the publication of its first policy paper to groundbreaking - and developing nations such as Kenya and Vietnam hope to follow in its wake. The speed is thanks to a lack of risk in financing capability, which has stalled reactors elsewhere, and fast regulatory approval, the bugbear of nuclear construction sites in the US.

"The reality is nuclear is indispensable as part of the global energy mix today," Hamad Al Kaabi, the UAE permanent representative to the IAEA, told The National.

"It continues to be economical and environmentally sound … Fukushima might have slowed down the expansion pace in some countries but the general global outlook for nuclear energy has not changed "

Once the domain of developed nations, nuclear growth has shifted. At this week's IAEA summit, the UAE presented alongside Turkey, which has already laid out plans to build a third nuclear power plant, and South Korea, which surprised the world in 2009 when it won a US$20 billion contract in Abu Dhabi.

Mr Al Mazrouei urged other nations to join the IAEA's Convention on Nuclear Safety, a set of benchmarks ratified by 76 nations since 1994, and to "harmonise" civil liability regimes for nuclear damage, which give people recourse to file claims in the case of an accident while limiting the total financial burden of the operator.

"Efforts to harmonise civil liability regimes for nuclear damage should continue and we encourage states which have not done so to join and implement multilateral conventions based on the principles of the Vienna Convention on civil nuclear liability," he said. "The international framework for cooperation in the area of nuclear safety and emergency should be strengthened."

%20Ramez%20Gab%20Min%20El%20Akher
%3Cp%3E%3Cstrong%3ECreator%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStreaming%20on%3A%20%3C%2Fstrong%3EMBC%20Shahid%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2.5%2F5%3C%2Fp%3E%0A
Tips for newlyweds to better manage finances

All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.

Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.

Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.

Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.

Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.

Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3ESmartCrowd%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2018%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ESiddiq%20Farid%20and%20Musfique%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%20%2F%20PropTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3E%24650%2C000%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2035%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EVarious%20institutional%20investors%20and%20notable%20angel%20investors%20(500%20MENA%2C%20Shurooq%2C%20Mada%2C%20Seedstar%2C%20Tricap)%3C%2Fp%3E%0A

Pearls on a Branch: Oral Tales
​​​​​​​Najlaa Khoury, Archipelago Books

Abaya trends

The utilitarian robe held dear by Arab women is undergoing a change that reveals it as an elegant and graceful garment available in a range of colours and fabrics, while retaining its traditional appeal.

The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
Cricket World Cup League 2

UAE squad

Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind

Fixtures

Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE

What the law says

Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.

“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.

“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”

If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.