UAE expresses intent for European Nuclear Energy Investments
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Dubai: The United Arab Emirates (UAE) has initiated discussions with European countries, including Britain, to explore potential investments in their nuclear power infrastructure. According to reliable sources familiar with the matter, the UAE is considering the possibility of its state-owned Emirates Nuclear Energy Company (ENEC) becoming a minority investor in European nuclear assets. These talks, although private, signify the UAE's strategic approach to diversify its economy away from fossil fuels.
ENEC, backed by Abu Dhabi's ADQ, has been actively engaging in discussions regarding investment opportunities in the United Kingdom. This move aligns with the UAE's and Saudi Arabia's efforts to shift their economic focus towards sustainable energy sources.
One of the focal points of these discussions is the Sizewell C project, a large-scale nuclear endeavour led by French energy giant EDF in southeast England. With Britain aiming to attract additional private investment for this project, the involvement of ENEC could mark a significant step forward in achieving the country's clean energy goals.
In December 2023, the UAE and Britain solidified their commitment to civil nuclear cooperation by signing a memorandum of understanding during the UN climate summit in Dubai. This agreement signifies the shared vision of both nations to triple nuclear capacity by 2050, emphasizing the importance of collaborative efforts in advancing clean energy initiatives.
Responding to inquiries, a spokesperson for Britain's Department for Energy Security and Net Zero emphasized the significance of projects like Sizewell C in achieving a low-cost, clean and secure electricity system. However, due to the ongoing development and sensitive nature of commercial discussions, detailed comments were withheld.
ENEC, in a statement to Reuters, highlighted its broader international growth and investment plans, emphasizing collaboration opportunities in civil nuclear projects and related clean energy technologies.
