The UAE's nuclear power plant marked a “major milestone” on Thursday as the third of its four units was switched on.
An operating licence for the third unit of the Barakah Nuclear Energy Plant was issued in June.
The Federal Authority for Nuclear Regulation (FANR), the UAE’s independent nuclear regulator, said the operating licence was granted to Nawah Energy Company, the Emirates Nuclear Energy Corporation’s subsidiary responsible for the operation of the nuclear power plant.
Nawah is licensed to operate Unit 3 for 60 years.
The reactor is expected to be connected to the national grid in the “coming weeks”, said Emirates Nuclear Energy Corporation.
Start-up is the first time the unit produces heat through nuclear fission. The heat is used to create steam, turning a turbine to generate electricity.
Barakah is the region’s first operational multi-unit nuclear plant.
Its power generation will significantly reduce the country's use of gas-fired power stations to generate electricity.
In February 2020 and March 2021, FANR issued the operating licenses for Unit 1 and Unit 2, respectively.
Commercial operations at Unit 1 started on April 18, 2021, and within a year the energy produced by it prevented the release of more than 5 million tonnes of carbon emissions.
This is the quantity of emissions that would have been released if fossil fuels had instead been used to generate power.
It is the equivalent of more than “one million cars driven for a year”, Emirates Nuclear Energy Corporation (Enec) said in April.
The four units of the Barakah plant will produce enough electricity to cover 25 per cent of the country’s energy needs. It is now halfway towards this goal.
Unit 2 of the plant started commercial operations on March 24, less than a year after Unit 1.
Unit 3's construction was completed in 2021, while Unit 4 is close to completion.
Unit 3, once commercially operational, will add another 1,400 megawatts of zero-carbon emission electricity capacity to the national grid, providing a significant boost for UAE energy security and efforts to combat climate change.
“We have reached another major milestone in the delivery of the UAE Peaceful Nuclear Energy Programme today, as we move forwards with the provision of strategically significant clean energy for the UAE,” said Mohamed Ibrahim Al Hammadi, managing director and chief executive of Enec.
“The Barakah Plant is spearheading the decarbonisation of the power sector, sustainably generating abundant electricity to meet growing demand and power growth.
“The UAE has developed a world-class nuclear programme that builds on experience and continuously shares its lessons with global industry peers, making the Barakah plant a case study for the world on a new nuclear project delivery.”
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.”
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David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
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SPAIN SQUAD
Goalkeepers Simon (Athletic Bilbao), De Gea (Manchester United), Sanchez (Brighton)
Defenders Gaya (Valencia), Alba (Barcelona), P Torres (Villarreal), Laporte (Manchester City), Garcia (Manchester City), D Llorente (Leeds), Azpilicueta (Chelsea)
Midfielders Busquets (Barcelona), Rodri (Manchester City), Pedri (Barcelona), Thiago (Liverpool), Koke (Atletico Madrid), Ruiz (Napoli), M Llorente (Atletico Madrid)
Forwards: Olmo (RB Leipzig), Oyarzabal (Real Sociedad), Morata (Juventus), Moreno (Villarreal), F Torres (Manchester City), Traore (Wolves), Sarabia (PSG)
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
Silent Hill f
Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
How does ToTok work?
The calling app is available to download on Google Play and Apple App Store
To successfully install ToTok, users are asked to enter their phone number and then create a nickname.
The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.
Users can also invite other contacts to download ToTok to allow them to make contact through the app.
Name: Brendalle Belaza
From: Crossing Rubber, Philippines
Arrived in the UAE: 2007
Favourite place in Abu Dhabi: NYUAD campus
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Favourite book: Harry Potter
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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
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