The UAE is weighing options for the long-term storage of nuclear waste from the country's proposed US$20 billion (Dh73.45bn) nuclear power plant.
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One option under discussion is an underground cave to be shared with other nations from the region that could hold radioactive uranium and plutonium for thousands of years.
"We are talking about a long-term geological repository," said Hamad al Kaabi, the UAE's permanent representative to the International Atomic Energy Agency, the nuclear watchdog in Vienna. "Among GCC countries there is potential for a lot of co-operation in this area, including waste management and waste disposal."
The UAE has not yet held formal talks with other Gulf nations on investing in a shared storage site, but there could be room for negotiation ahead as Saudi Arabia, Qatar and Kuwait lay the groundwork for their own civil nuclear programmes.
Officials from the Saudi electricity authority, Jordan's nuclear commission and other agencies are scheduled to meet in Dubai today for a conference on nuclear power in the region.
The UAE and its neighbours regard nuclear power as a way to meet rising electricity demand while reducing reliance on polluting fossil fuels. But the disaster at Japan's Fukushima Daiichi power plant following the earthquake and tsunami in March has made it more pressing for new nuclear nations to lay out plans for waste disposal - a question that not even some experienced nuclear nations have answered.
Although scientists have recommended carving out underground caverns for nuclear waste since the 1950s, the high cost of such facilities and protests against radioactive waste sites have slowed progress. Finland and Sweden are on track to build waste sites only after extensive campaigns to win public support.
America's planned site in Yucca Mountain, Nevada, has been abandoned since last month, when Congress cut funding for the project from the federal budget. To date there is no large-scale geological depository anywhere in the world for nuclear waste.
Pooling funds to build such a facility is the logical choice for small nations without large volumes of nuclear waste, said Dr Ewoud Verhoef, the deputy director of the Dutch Central Organisation for Radioactive Waste, that nation's agency in charge of nuclear disposal.
"It's just easier if you can do it with your neighbour than with your faraway cousin," said Dr Verhoef, who also serves on the Arius Association, a group based in Switzerland that is studying the potential for shared repositories in Europe, South East Asia and the Gulf region.
Such a site could not be hosted in the Emirates because of a law preventing the storage of nuclear waste from other nations. But it would be in the UAE's interest to ensure its neighbours, should they formally embark on civil nuclear programmes, have long-term storage options, said Dr Charles McCombie, the executive director of Arius. He estimated that a shared repository would cost more than €4 billion (Dh21.03bn) but would offer a large payback in the form of regional security.
"The whole Gulf area becomes a more safe and more secure place if everyone has access to a deep geological depository," said Dr McCombie. "A scenario in which the UAE has a large nuclear programme and its own nuclear repository, and countries around like Qatar and Bahrain have nuclear power but no repository and spent fuel on the surface - that's not a comfortable scenario for many people."
The UAE has more than 70 years, at the earliest, before a long-term geological depository would be needed, according to Emirates Nuclear Energy Corporation (Enec), the government-owned company in charge of building and operating the reactors.
The company is researching options to extend that date, such as concrete-encased barrels that could store radioactive waste outdoors for centuries. Licences exist today only for casks that store waste for a maximum of several decades, but Enec is banking on future progress.
"It gives us the luxury to wait for the best technical solutions to come for your real, real disposal," said Dr Ausaf Husain, Enec's fuel management director. "Better solutions will have come, and we'll have the luxury to pick the best one."
ayee@thenational.ae
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Need to know
When: October 17 until November 10
Cost: Entry is free but some events require prior registration
Where: Various locations including National Theatre (Abu Dhabi), Abu Dhabi Cultural Center, Zayed University Promenade, Beach Rotana (Abu Dhabi), Vox Cinemas at Yas Mall, Sharjah Youth Center
What: The Korea Festival will feature art exhibitions, a B-boy dance show, a mini K-pop concert, traditional dance and music performances, food tastings, a beauty seminar, and more.
For more information: www.koreafestivaluae.com
The specs: 2017 Ford F-150 Raptor
Price, base / as tested Dh220,000 / Dh320,000
Engine 3.5L V6
Transmission 10-speed automatic
Power 421hp @ 6,000rpm
Torque 678Nm @ 3,750rpm
Fuel economy, combined 14.1L / 100km
COMPANY%20PROFILE
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Company%20Profile
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The specs
Engine: 2.0-litre 4-cyl turbo
Power: 247hp at 6,500rpm
Torque: 370Nm from 1,500-3,500rpm
Transmission: 10-speed auto
Fuel consumption: 7.8L/100km
Price: from Dh94,900
On sale: now
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
Upcoming games
SUNDAY
Brighton and Hove Albion v Southampton (5.30pm)
Leicester City v Everton (8pm)
MONDAY
Burnley v Newcastle United (midnight)
COMPANY%20PROFILE
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Killing of Qassem Suleimani
How Tesla’s price correction has hit fund managers
Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.
It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.
The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.
Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.
Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.
He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.
AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”
A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.
Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.
Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.
Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.
By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.
Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.
In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”
Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.
She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.
Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.
Company%20Profile
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MATCH INFO
Manchester City 1 Chelsea 0
De Bruyne (70')
Man of the Match: Kevin de Bruyne (Manchester City)
COMPANY PROFILE
Company name: BorrowMe (BorrowMe.com)
Date started: August 2021
Founder: Nour Sabri
Based: Dubai, UAE
Sector: E-commerce / Marketplace
Size: Two employees
Funding stage: Seed investment
Initial investment: $200,000
Investors: Amr Manaa (director, PwC Middle East)
ADCC AFC Women’s Champions League Group A fixtures
October 3: v Wuhan Jiangda Women’s FC
October 6: v Hyundai Steel Red Angels Women’s FC
October 9: v Sabah FA
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EAlmouneer%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202017%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Dr%20Noha%20Khater%20and%20Rania%20Kadry%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EEgypt%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%20%3C%2Fstrong%3E120%3Cbr%3E%3Cstrong%3EInvestment%3A%20%3C%2Fstrong%3EBootstrapped%2C%20with%20support%20from%20Insead%20and%20Egyptian%20government%2C%20seed%20round%20of%20%3Cbr%3E%243.6%20million%20led%20by%20Global%20Ventures%3Cbr%3E%3C%2Fp%3E%0A
French Touch
Carla Bruni
(Verve)
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Teenage%20Mutant%20Ninja%20Turtles%3A%20Shredder's%20Revenge
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'HIJRAH%3A%20IN%20THE%20FOOTSTEPS%20OF%20THE%20PROPHET'
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The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
Company%20Profile
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The specs: 2018 Maserati Ghibli
Price, base / as tested: Dh269,000 / Dh369,000
Engine: 3.0-litre twin-turbocharged V6
Transmission: Eight-speed automatic
Power: 355hp @ 5,500rpm
Torque: 500Nm @ 4,500rpm
Fuel economy, combined: 8.9L / 100km
COMPANY%20PROFILE
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BACK%20TO%20ALEXANDRIA
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World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh