VIENNA // The UAE served as a positive example of a country with a well-protected system against risks of accidents from nuclear waste at the International Atomic Energy Agency’s scientific forum in Vienna this week.
In July, the country joined the Convention on Supplementary Compensation for Nuclear Damage (CSC), an international treaty developed as an umbrella for international liability conventions, providing the basis for a global nuclear liability regime.
“Liability conventions are important as a newcomer,” said Hamad Alkaabi, UAE ambassador to the IAEA. “It’s a predictable way to address risk for the industry, government and, most importantly, for the people in each country. We were convinced it was an important endeavour.”
The UAE’s nuclear liability regime deals with any nuclear incident that may happen in the country, including risks posed by leakages of radioactive material. Such leaks can reach across borders and it may take decades for the effects of exposure to radiation to manifest.
“It was clear for us that the more globalised these systems, the more practical arrangements are in place for citizens and companies and the industry to be compensated for risk,” Mr Alkaabi said. “Both the Government and the industry saw this as a great opportunity to have a system in place.”
The UAE recently joined and ratified the convention, but it has yet to come into force.
“It is perceived by some as one of the weaknesses of the global nuclear liability regime,” said Yukiyu Amano, director general of the IAEA. “As entry into force of the CSC becomes more likely, I thought it would be timely to host an event to provide information about it and other instruments which provide a basis for a global liability regime.”
He said the purpose was to strengthen that protocol.
“The IAEA Action Plan on Nuclear Safety adopted after the Fukushima accident calls upon member states to establish a global nuclear liability regime that addresses concerns of all states that might be affected by a nuclear accident, with a view to providing appropriate compensation,” Mr Amano said. “The IAEA has been working hard to strengthen the global liability regime for a long time and the important thing is that states should join one or more of the existing nuclear liability instruments.”
A total of 170 nuclear power plants of the existing 440 worldwide - more than 80 per cent - are expected to be covered by the regime in the near future.
“Many countries still don’t belong to any nuclear liability treaty,” said Peter Lyons, assistant secretary for nuclear energy at the US State Department of Energy. “The US believes nuclear energy must play an important role in addressing future energy needs in a safe, secure and environmentally sound manner.”
However, in order for nuclear energy to achieve its full potential, he said many issues needed to be addressed, including the establishment of a global liability regime.
“As demonstrated by the UAE, those countries that already belong to the revised Paris Convention or the revised Vienna Convention, can adhere to the CSC without changing their existing system. All of us agree on the need for a global regime and the importance to take actions now.”
With a growing number of states accessing nuclear energy for the first time, experts say it is a key issue.
“These countries, based on limited experience, will develop substantial nuclear capacities quickly over the coming decades,” said Frederic Journes, the French member of the IAEA’s Board of Governors. “And yet, at the same time, one major challenge for the development of nuclear power lies in the prompt and adequate indemnification of the victims in the case of nuclear damage.”
Mr Alkaabi said the UAE’s efforts to establish a more globalised system led to its decision to join the convention.
“Today, the UAE joined all these liability conventions and we feel very strongly about them,” he said. “It addresses a responsible approach to the development of nuclear energy.”
cmalek@thenational.ae
COMPANY%20PROFILE
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The specs: 2018 Volkswagen Teramont
Price, base / as tested Dh137,000 / Dh189,950
Engine 3.6-litre V6
Gearbox Eight-speed automatic
Power 280hp @ 6,200rpm
Torque 360Nm @ 2,750rpm
Fuel economy, combined 11.7L / 100km
Our family matters legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The specs: 2018 Ford F-150
Price, base / as tested: Dh173,250 / Dh178,500
Engine: 5.0-litre V8
Power: 395hp @ 5,000rpm
Torque: 555Nm @ 2,750rpm
Transmission: 10-speed automatic
Fuel consumption, combined: 12.4L / 100km
THE LIGHT
Director: Tom Tykwer
Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger
Rating: 3/5
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
Mohammed bin Zayed Majlis
Iftar programme at the Sheikh Mohammed Centre for Cultural Understanding
Established in 1998, the Sheikh Mohammed Centre for Cultural Understanding was created with a vision to teach residents about the traditions and customs of the UAE. Its motto is ‘open doors, open minds’. All year-round, visitors can sign up for a traditional Emirati breakfast, lunch or dinner meal, as well as a range of walking tours, including ones to sites such as the Jumeirah Mosque or Al Fahidi Historical Neighbourhood.
Every year during Ramadan, an iftar programme is rolled out. This allows guests to break their fast with the centre’s presenters, visit a nearby mosque and observe their guides while they pray. These events last for about two hours and are open to the public, or can be booked for a private event.
Until the end of Ramadan, the iftar events take place from 7pm until 9pm, from Saturday to Thursday. Advanced booking is required.
For more details, email openminds@cultures.ae or visit www.cultures.ae
Opening weekend Premier League fixtures
Weekend of August 10-13
Arsenal v Manchester City
Bournemouth v Cardiff City
Fulham v Crystal Palace
Huddersfield Town v Chelsea
Liverpool v West Ham United
Manchester United v Leicester City
Newcastle United v Tottenham Hotspur
Southampton v Burnley
Watford v Brighton & Hove Albion
Wolverhampton Wanderers v Everton
Graduated from the American University of Sharjah
She is the eldest of three brothers and two sisters
Has helped solve 15 cases of electric shocks
Enjoys travelling, reading and horse riding
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Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
CHATGPT%20ENTERPRISE%20FEATURES
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COMPANY%20PROFILE
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From: Charsadda, Pakistan
Family: Wife and six children
Favourite holes at Al Ghazal: 15 and 8
Golf Handicap: 6
Childhood sport: cricket
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Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
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A little about CVRL
Founded in 1985 by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, the Central Veterinary Research Laboratory (CVRL) is a government diagnostic centre that provides testing and research facilities to the UAE and neighbouring countries.
One of its main goals is to provide permanent treatment solutions for veterinary related diseases.
The taxidermy centre was established 12 years ago and is headed by Dr Ulrich Wernery.
%3Cp%3E%3Ca%20href%3D%22https%3A%2F%2Fwww.thenationalnews.com%2Fbusiness%2Feconomy%2Fislamic-economy-consumer-spending-to-increase-45-to-3-2tn-by-2024-1.936583%22%20target%3D%22_self%22%3EGlobal%20Islamic%20economy%20to%20grow%203.1%25%20to%20touch%20%242.4%20trillion%20by%202024%3C%2Fa%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Ca%20href%3D%22https%3A%2F%2Fwww.thenationalnews.com%2Fbusiness%2Feconomy%2Fuk-economy-plunges-into-worst-ever-recession-after-record-20-4-contraction-1.1062560%22%20target%3D%22_self%22%3EUK%20economy%20plunges%20into%20worst-ever%20recession%20after%20record%2020.4%25%20contraction%3C%2Fa%3E%3C%2Fp%3E%0A%3Cp%3E%3Ca%20href%3D%22https%3A%2F%2Fwww.thenationalnews.com%2Fbusiness%2Feconomy%2Fislamic-economy-consumer-spending-to-increase-45-to-3-2tn-by-2024-1.936583%22%20target%3D%22_self%22%3EIslamic%20economy%20consumer%20spending%20to%20increase%2045%25%20to%20%243.2tn%20by%202024%3C%2Fa%3E%3C%2Fp%3E%0A
Copa del Rey final
Sevilla v Barcelona, Saturday, 11.30pm (UAE), match on Bein Sports
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The most expensive investment mistake you will ever make
When is the best time to start saving in a pension? The answer is simple – at the earliest possible moment. The first pound, euro, dollar or dirham you invest is the most valuable, as it has so much longer to grow in value. If you start in your twenties, it could be invested for 40 years or more, which means you have decades for compound interest to work its magic.
“You get growth upon growth upon growth, followed by more growth. The earlier you start the process, the more it will all roll up,” says Chris Davies, chartered financial planner at The Fry Group in Dubai.
This table shows how much you would have in your pension at age 65, depending on when you start and how much you pay in (it assumes your investments grow 7 per cent a year after charges and you have no other savings).
Age
|
$250 a month
|
$500 a month
|
$1,000 a month
|
25
|
$640,829
|
$1,281,657
|
$2,563,315
|
35
|
$303,219
|
$606,439
|
$1,212,877
|
45
|
$131,596
|
$263,191
|
$526,382
|
55
|
$44,351
|
$88,702
|
$177,403
|
ALRAWABI%20SCHOOL%20FOR%20GIRLS
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Play-off fixtures
Two-legged ties to be played November 9-11 and November 12-14
- Northern Ireland v Switzerland
- Croatia v Greece
- Denmark v Ireland
- Sweden v Italy
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.