Work has begun to load fuel into Barakah nuclear power plant's third reactor, in the latest step towards it becoming fully operational.
A licence was granted on Friday by the nuclear regulator for the third of four reactors, or units as they are known.
The first two units are already operational and provide clean energy to the national grid for homes and businesses across the country.
In an update on Sunday, Emirates Nuclear Energy Corporation said its operating and maintenance subsidiary, Nawah Energy Company, has received the operating licence from the UAE’s Federal Authority for Nuclear Regulation.
“Receiving the third operating licence for the Barakah plant is the result of over 520 rigorous reviews to date from our independent regulator, Fanr, of which 120 are related specifically to Unit 3," Ali Al Hammadi, chief executive of Nawah, which operates and maintains Barakah, said.
"The reviews cover every aspect of the plant to ensure we are ready to operate in line with national regulatory requirements.
"Successfully passing these reviews is testament to the expertise we have developed and the outstanding operating experience of our teams, made up of highly skilled and qualified UAE nationals and international experts."
Barakah is the only multi-unit nuclear energy plant operating in the Arab world. It generates high-value jobs and stimulates the growth of local industries, Enec says.
It provides significant environmental benefits through rapid decarbonisation of the UAE's energy sector and ensures it is less reliant on gas-fired power stations.
When fully operational, the plant will prevent 22.4 million tonnes of carbon emissions every year.
When it begins to operate at full power within the coming months, the third unit will add a further 1,400 megawatts of zero-carbon emission electricity to the national grid. This is similar to each of the other two reactor units, propelling the country towards its goal of achieving net-zero emissions by 2050.
Barakah has four APR-1400 Units. Unit four is in the final stages of commissioning before construction completion, Enec said on Sunday.
"With this achievement, the UAE Peaceful Nuclear Energy Programme is close to achieving its multiple economic, social and environmental objectives," said Sheikh Hamdan bin Zayed, the Ruler's Representative in Al Dhafra Region, where Barakah is located.
He said that the plant has become "one of the premier pillars of sustainable development in the country... in addition to its key role in the success of the transformation of the energy sector in the country towards total dependence on energy sources that are free of carbon emissions, by accelerating the reduction of the carbon footprint of this sector."
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Europa League final
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
