Consortium to build $ 22 bn nuclear plant

Updated 03 May 2013
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Consortium to build $ 22 bn nuclear plant

ANKARA: Turkey’s energy minister has confirmed that the government has picked a Japanese-French consortium to build the country’s second nuclear power plant, a project expected to cost an estimated $ 22 billion.
The deal is expected to be signed by Turkey’s Prime Minister Tayyip Erdogan and his Japanese counterpart Shinzo Abe, who will be visiting Ankara, Energy Minister Taner Yildiz said.
The consortium consists of Japan’s Mitsubishi Heavy Industries Ltd, one of the builders of the Fukushima plants, Itochu Corporation and French utility group GDF Suez, which will operate the 4,500-5,000 MW plant.
The group has pledged to install an Atmea type nuclear plant, built by French nuclear engineering group Areva.
Yildiz said Turkey will also be a shareholder.
“Turkey will have a stake in the nuclear power plant that will be constructed in Sinop,” he said.
The consortium will also carry out work to help determine a site for Turkey’s third planned nuclear power plant, Yildiz added.
Turkey’s scarce energy resources mean it imports almost 97 percent of its energy needs.
Prime Minister Erdogan has been an advocate of the country’s ambitious nuclear program, which aims to help reduce its dependence on hydrocarbon fuels by providing 10 percent of the country’s total electricity needs by 2030.
Russia’s Rosatom is to build Turkey’s first nuclear power station, with its construction due to start in mid-2015 and first power due to flow in 2019, its deputy general manager said in February.
That $ 20 billion plant at Mersin Akkuyu on the Mediterranean coast will also have four power units with an installed generating capacity of 4.8 gigawatts (GW).


Dubai economic growth slows in 2017

Updated 21 April 2018
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Dubai economic growth slows in 2017

  • Economy grows 2.6% in 2017, down from 2.85% the previous year
  • Wholesale and retail trade grew by just 0.9% during the year

Dubai’s economy registered slower growth in 2017, according to official figures, coming in below the government’s official forecast.

The emirate’s GDP grew 2.6 percent to 389 billion dirhams (SR381 billion) in 2017, according to data released on Saturday by the Dubai Statistics Center, compared with 2.85 percent the previous year.
The Dubai Economic Department last year forecast growth of 3.2 percent in 2017, followed by 3.5 percent in 2018.
Wholesale and retail trade — accounting for 26.6 percent of the emirate’s real GDP — grew by just 0.9 percent during the year, even as total imports and re-exports grew by 2.2 percent during 2017.
Growth in total imports and re-exports was attributed to a growth in industrial inputs and capital goods, which contributed to the growth of foreign trade by 1.8 and 1.6 percent respectively, according to the DSC.
“These figures provide solid evidence for the fact that Dubai plays a dynamic role in supporting trade between the region and the rest of the world,” said the DSC’s executive director Arif Al Mehairi. “This growing role has boosted the growth of Dubai’s trading sector.”
Transportation and real estate were among the fastest growing sectors of the economy, improving by 7.3 percent and 4.5 percent respectively during 2017.
The construction sector meanwhile grew by 3.5 percent during the year.
“The Dubai government’s spending on infrastructure projects, which rose by almost 27%, had a pronounced positive impact on the performance of the construction sector in the emirate.” the DSC said.
The IMF last week estimated that the UAE’s economy as a whole grew just 0.5 percent in 2017. The fund estimates this will grow to 2.5 percent in 2018 and 3.2 percent in 2019.