Abu Dhabi conglomerate’s net profit surges 87.6% to Dh8 billion in Q1 2024
business1 hour ago
The construction of the UAE nuclear power plant at Barakah is progressing well, with unit no one being more than 88 per cent complete.
Unit two is 72 per cent complete, unit three is 50 per cent complete and unit four is 31 per cent complete. Overall, construction of units one to four is now more than 65 per cent complete.
All four units will deliver safe, clean, reliable and efficient nuclear energy to the UAE grid, pending regulatory reviews and licensing.
The construction of the Barakah Nuclear Energy Plant commenced in 2012 and all four nuclear reactors will be operational in 2020.
At its full operational capacity, the facility will deliver up to a quarter of the UAE's electricity needs and save up to 12 million tonnes in carbon emissions every year.
Meanwhile, the Emirates Nuclear Energy Corporation (Enec) and its operating subsidiary, Nawah Energy Company (Nawah), commemorated the move to its new headquarters in Masdar City with an inaugural ceremony attended by Engr Mohamed Al Hammadi, CEO of Enec.
Al Hammadi said: "Since its inception, the Enec has been delivering the UAE's first nuclear energy plant safely and steadily. We continue to move closer to providing the UAE with clean and sustainable energy, saving up to 12 million tonnes in carbon emissions every year."
Eng Mohammed Sahoo Al Suwaidi, acting CEO of Nawah, said: "As the recently established operating subsidiary for the UAE peaceful nuclear energy programme, Nawah will continue to work closely with Enec, building on the momentum already laid for operational readiness of the Barakah nuclear energy plant. Having our established headquarters with Enec in Masdar City strengthens our alliance and shared goal to provide the UAE's electricity needs with sustainable nuclear energy."
Mohamed Jameel Al Ramahi, CEO of Masdar, said: "As a hub for energy, research and clean-tech companies, Masdar City is delighted to host the Emirates Nuclear Energy Corporation, providing a strong base to support its strategic mandate to deliver safe, secure and reliable energy to the UAE as part of a diversified energy mix, and to further the UAE's economic diversification. The Enec joins a growing community of public, private and non-profit organisations at Masdar City, and its substantial workforce will contribute to the life and dynamism of the city greatly."
- haseeb@khaleejtimes.com
Abu Dhabi conglomerate’s net profit surges 87.6% to Dh8 billion in Q1 2024
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