Back in the 1980s, when green parties were first making waves in politics, many of them had a founding cause in common: they hated nuclear power.
Fast forward to 2023, and the 194-nation Dubai climate deal included nuclear on a list of low-carbon options that ought to be “accelerated” to help cut emissions.
Unthinkable once – but nuclear is now officially welcomed as a friend, not an enemy, in the battle to save the planet.
Two of the countries looking to build on this atomic revival are the UAE, operating its first reactor since 2021, and Britain, where the world’s first commercial nuclear plant opened in 1956.
The National has been told that Britain wants to work more closely with the UAE after both countries backed a pledge at Cop28 to treble the world’s nuclear power capacity by 2050.
As well as investment, there is interest in sharing expertise, working together on technology such as miniature reactors, and learning from the UAE’s experience as one of the world’s newest nuclear-powered countries.
The UK’s nuclear minister Andrew Bowie held talks with UAE counterparts on the sidelines of Cop28, where he signed an agreement with the Emirates Nuclear Energy Corporation (Enec) on Britain’s behalf.
“We’re doing a lot with the UAE,” Mr Bowie told The National.
“There’s a lot of collaboration on future nuclear fuels, on exchange of ideas, of personnel, of technologies, and we’re seeking to further deepen that co-operation.”
The development of the UAE’s Barakah plant has been “amazing to see”, said Mr Bowie, who said the two countries shared an “ambitious and forward-leaning” policy on nuclear.
“It makes sense to have the UAE as a partner on this because they too recognise the importance of nuclear in terms of delivering our ambitions on net zero, combating climate change and developing the economies of our two respective countries,” he said.
Big nuclear
Britain has a long atomic pedigree but last opened a new plant in 1995 and is no longer in the top 10 countries with the most nuclear capacity, according to the World Nuclear Association.
With ministers pledging a revival, driven by various factors including net-zero pledges and the end of the Russian gas era in Europe, Britain is seeking investment for a £20 billion ($25.46 billion) nuclear plant called Sizewell C.
A second site, Hinkley Point C, is already under construction (with the help of the world's largest crane known as Big Carl), although the project was delayed by Covid-19. Its projected opening has been pushed back to 2027.
The Dubai deal could give investors the assurance they need that nuclear has a bright future – and that funding a plant such as Sizewell C would not land them in trouble with green-minded regulators.
The single word “nuclear” in the 21-page Dubai climate deal gives the sector its “rightful place alongside other zero-emissions, low-carbon technologies,” said Tom Greatrex, the head of the UK’s Nuclear Industry Association.
He said there was more to gain from UK-UAE collaboration than just potential investment, not least thanks to Barakah’s example as one of the world’s newest nuclear projects.
Barakah’s fourth and final unit was completed this month and the project shows the advantages of a “focused, disciplined approach” in which several pieces of the same technology are built in rapid succession, Mr Greatrex said.
“It puts the UAE in a very strong position as not just, as you might have thought a few years ago, a receiver of nuclear technology, but also actually as a practitioner in civil nuclear,” he said.
“UAE, UK, and many other nations are part of a pledge to treble nuclear capacity by 2050. That means a lot more capacity, a lot more supply chain activity and innovation, and a lot more expertise-sharing to get to that point.”
Small nuclear
Also in the UK and UAE’s sights is a new generation of windmill-sized mini-nuclear plants (known as small modular reactors or SMRs), which could power stand-alone sites such as a factory.
The new UK-UAE memorandum mentions SMRs as an area for potential co-operation, with Britain looking to export models being developed by Rolls-Royce.
Rolls-Royce and five other UK companies have been selected to design mini-reactors. The UAE, US and others this year announced $275 million of funding for a similar project in Romania.
The next stage is for initial interest to “mature towards orders”, which is what companies need to justify building the factories where SMRs are produced, said Mr Greatrex.
“With the need there is for dispatchable, clean power, SMR project development across different borders is going to be a big part of that,” he said.
Rolls-Royce is hoping to bring them to market by 2030 and is floating the idea that they could be used to produce sustainable aviation fuel (SAF) – a market in which the UAE’s location could make it a front-runner.
“That could be done here in the UAE, supplying SAF fuel for UAE airlines, achieving the emissions reduction benefit and keeping the economics for the airlines and the travelling public still viable,” Rolls-Royce’s Middle East president John Kelly told The National before Cop28 began.
Nuclear’s trump cards are that it can be on all the time (unlike solar and wind) and barely produces CO2 (unlike coal or gas), but some object to it on the grounds of safety and radioactive waste.
Mr Bowie, however, is confident that the public would embrace small nuclear reactors.
“We’re in a moment right now where, in the UK at least, nuclear is seen as a net positive and a contributor towards our net-zero goals, combating climate change and becoming more energy secure and independent,” he said.
“In every nation and region, in every demographic, every age group within the UK, nuclear is seen as net positive and SMR is part of that, and I do believe that’s the case across most countries across the world as well.”
Nuclear’s ultimate prize – fusion – has been tantalisingly out of reach for decades, but Britain is aiming to build a prototype plant by 2040. Mr Bowie was talking about that in Dubai as well.
Britain’s fusion lab is making “scientific breakthroughs on a near-daily basis,” he said, which will “create the opportunity to harness the power of the sun and bring energy into people’s homes”.
The UK and UAE are committed to net zero by 2050. That is too soon to rely on fusion. But the dream that nuclear will solve the puzzle for decades thereafter lives on.
How the UAE gratuity payment is calculated now
Employees leaving an organisation are entitled to an end-of-service gratuity after completing at least one year of service.
The tenure is calculated on the number of days worked and does not include lengthy leave periods, such as a sabbatical. If you have worked for a company between one and five years, you are paid 21 days of pay based on your final basic salary. After five years, however, you are entitled to 30 days of pay. The total lump sum you receive is based on the duration of your employment.
1. For those who have worked between one and five years, on a basic salary of Dh10,000 (calculation based on 30 days):
a. Dh10,000 ÷ 30 = Dh333.33. Your daily wage is Dh333.33
b. Dh333.33 x 21 = Dh7,000. So 21 days salary equates to Dh7,000 in gratuity entitlement for each year of service. Multiply this figure for every year of service up to five years.
2. For those who have worked more than five years
c. 333.33 x 30 = Dh10,000. So 30 days’ salary is Dh10,000 in gratuity entitlement for each year of service.
Note: The maximum figure cannot exceed two years total salary figure.
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.
Ordinary Virtues: Moral Order in a Divided World by Michael Ignatieff
Harvard University Press
Points tally
1. Australia 52; 2. New Zealand 44; 3. South Africa 36; 4. Sri Lanka 35; 5. UAE 27; 6. India 27; 7. England 26; 8. Singapore 8; 9. Malaysia 3
TECH%20SPECS%3A%20APPLE%20WATCH%20SERIES%209
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UAE currency: the story behind the money in your pockets
Indoor Cricket World Cup Dubai 2017
Venue Insportz, Dubai; Admission Free
Fixtures - Open Men 2pm: India v New Zealand, Malaysia v UAE, Singapore v South Africa, Sri Lanka v England; 8pm: Australia v Singapore, India v Sri Lanka, England v Malaysia, New Zealand v South Africa
Fixtures - Open Women Noon: New Zealand v England, UAE v Australia; 6pm: England v South Africa, New Zealand v Australia
CHATGPT%20ENTERPRISE%20FEATURES
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FROM%20THE%20ASHES
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More from Rashmee Roshan Lall
'Moonshot'
Director: Chris Winterbauer
Stars: Lana Condor and Cole Sprouse
Rating: 3/5
'Midnights'
%3Cp%3E%3Cstrong%3EArtist%3A%3C%2Fstrong%3E%20Taylor%20Swift%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ELabel%3A%3C%2Fstrong%3E%20Republic%20Records%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
The specs
Engine: 3.8-litre twin-turbo V8
Power: 611bhp
Torque: 620Nm
Transmission: seven-speed automatic
Price: upon application
On sale: now
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
Ant-Man%20and%20the%20Wasp%3A%20Quantumania
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EPeyton%20Reed%3Cbr%3E%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Paul%20Rudd%2C%20Evangeline%20Lilly%2C%20Jonathan%20Majors%3Cbr%3E%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2%2F5%3C%2Fp%3E%0A
How to get there
Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.
Emiratisation at work
Emiratisation was introduced in the UAE more than 10 years ago
It aims to boost the number of citizens in the workforce particularly in the private sector.
Growing the number of Emiratis in the workplace will help the UAE reduce dependence on overseas workers
The Cabinet in December last year, approved a national fund for Emirati jobseekers and guaranteed citizens working in the private sector a comparable pension
President Sheikh Khalifa has described Emiratisation as “a true measure for success”.
During the UAE’s 48th National Day, Sheikh Khalifa named education, entrepreneurship, Emiratisation and space travel among cornerstones of national development
More than 80 per cent of Emiratis work in the federal or local government as per 2017 statistics
The Emiratisation programme includes the creation of 20,000 new jobs for UAE citizens
UAE citizens will be given priority in managerial positions in the government sphere
The purpose is to raise the contribution of UAE nationals in the job market and create a diverse workforce of citizens
'Saand Ki Aankh'
Produced by: Reliance Entertainment with Chalk and Cheese Films
Director: Tushar Hiranandani
Cast: Taapsee Pannu, Bhumi Pednekar, Prakash Jha, Vineet Singh
Rating: 3.5/5 stars
THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
8 traditional Jamaican dishes to try at Kingston 21
- Trench Town Rock: Jamaican-style curry goat served in a pastry basket with a carrot and potato garnish
- Rock Steady Jerk Chicken: chicken marinated for 24 hours and slow-cooked on the grill
- Mento Oxtail: flavoured oxtail stewed for five hours with herbs
- Ackee and salt fish: the national dish of Jamaica makes for a hearty breakfast
- Jamaican porridge: another breakfast favourite, can be made with peanut, cornmeal, banana and plantain
- Jamaican beef patty: a pastry with ground beef filling
- Hellshire Pon di Beach: Fresh fish with pickles
- Out of Many: traditional sweet potato pudding