UAE licenses second unit of Barakah nuclear power plant

UAE licenses second unit of Barakah nuclear power plant
The plant is the first nuclear power station in the Arab world. (Supplied)
Short Url
Updated 09 March 2021

UAE licenses second unit of Barakah nuclear power plant

UAE licenses second unit of Barakah nuclear power plant
  • Barakah to supply one quarter of peak demand
  • Nuclear joins gas and solar power projects

DUBAI: The nuclear regulator in UAE has issued an operating license for the second unit of the Barakah nuclear power plant, an official from the regulator said on Tuesday.
The plant in the Al Dhafrah region of Abu Dhabi, one of the seven emirates making up the UAE and the nation’s capital, is the first nuclear power station in the Arab world and part of the Gulf oil producer’s efforts to diversify its energy mix.
Barakah’s Unit 1 was connected to the national power grid in August and in December reached 100 percent of reactor power capacity during testing.
Unit 1’s commercial operations are expected to start this year, Hamad Al Kaabi, deputy chairman of Federal Authority for Nuclear Regulation (FANR) and the UAE’s representative at the International Atomic Energy Agency (IAEA), told journalists.
The project has faced delays, some related to training staff as the country builds a nuclear industry from scratch.
Construction on Unit 1 began in 2012 and the plant was expected to start up in 2017, but FANR did not grant a license to the operator Nawah Energy Company until February 2020.
Nawah first applied to FANR for licenses for the two units in 2015.
When completed Barakah, which is being built by Korea Electric Power Corp. (KEPCO), will have four reactors with 5,600 megawatts (MW) of total capacity — equivalent to around 25 percent of the UAE’s peak demand.
Construction of Unit 3 is 94 percent complete and Unit 4 is 87 percent complete, Kaabi said.
Asked about security at the plant, Kaabi said measures were in place to protect the site from physical and cyber threats. He did not provide details.


Chinese developers to face $1.3bn of bond payments in December

Chinese developers to face $1.3bn of bond payments in December
Updated 12 sec ago

Chinese developers to face $1.3bn of bond payments in December

Chinese developers to face $1.3bn of bond payments in December

RIYADH: China’s developers face around $1.3 billion of bond payments in December, following a month of investors’ sentiment stabilising toward the property sector.

In November, the total bond payments was $2 billion, with no defaults reported, according to Bloomberg. 

Investors' scrutiny regarding principal and interest payments lingers as the cash crisis hits the real estate industry. 

China’s Evergrande group unit and Kaisa group’s grace periods are ending by mid-December on coupons of a total of $171 million. 


SMEs loans growth slows down in 3Q 2021

SMEs loans growth slows down in 3Q 2021
Updated 6 min 16 sec ago

SMEs loans growth slows down in 3Q 2021

SMEs loans growth slows down in 3Q 2021

RIYADH/MOSCOW: Annual growth in total credit provided to small and medium enterprises by Saudi banks slowed in the third quarter of 2021 to 12.9 percent from 25.3 percent in the previous quarter, the Saudi Central Bank report issued on Sunday showed.
Loans given to SMEs reached SR186.2 billion ($49.6 billion) in the third quarter of 2021 compared to SR165 billion in the same quarter a year ago.
A descending trend in quarterly growth rates has also been observed as the value of SME lending increased by just 0.8 percent in the third quarter of 2021, the lowest quarterly rate of growth recorded since the fourth quarter of 2019.
In addition, lending to SMEs from finance companies totaled SR14.2 billion in the third quarter of 2021 compared to SR13.5 billion in the previous quarter. It was also higher than last year’s SR10.8 billion in the same period.


Indian crypto unicorn plans IPO

Indian crypto unicorn plans IPO
Updated 11 min 49 sec ago

Indian crypto unicorn plans IPO

Indian crypto unicorn plans IPO

RIYADH: India's first unicorn cryptocurrency, CoinDCX, plans to list on the stock market  as soon as government regulations allow.

The share sale will be a major vote of confidence in India's digital asset industry, similar to the Coinbase listing earlier this year, co-founder Neeraj Khandelwal said in an interview with Bloomberg Television.

“As soon as the government or wider situation allows us, we will try for an IPO (initial public offering),” he said.

“An IPO gives legitimacy to the industry, just like the Coinbase IPO gave a lot of confidence in the crypto markets. Similarly we want to instill a similar level of confidence with an IPO of CoinDCX.”

Khandelwal said the company will decide an exact timeline depending on the incoming government regulations.

“We certainly will look at that in order to grow the industry further,” he added.


TASI closes 0.2% higher at 10,811 points

TASI closes 0.2% higher at 10,811 points
Updated 33 min 55 sec ago

TASI closes 0.2% higher at 10,811 points

TASI closes 0.2% higher at 10,811 points

RIYADH: The Saudi stock market ended the session on Monday up 0.2 percent, or 23 points, to close at 10,811 points.

Some 189 million shares changed hands in 355,000 deals, with heavy trading in Al Rajhi bank, Alinma Bank, SABIC. 

Saudi Enaya and Amana Insurance were among the top gainers.

Saudi Kayan, Advanced and Petrochem also rose by between 3 and 6 percent. 

The market's increase today was also influenced by a 0.9 percent rise in Al Rajhi bank shares, while Riyad bank rose by 1.9 percent to SR135 ($36). SABIC Agri-Nutrients was up by 4.45 percent. 

Baazeem and Maadaniyah were the top fallers, losing more than 6 percent.

Saudi Basic Industries declined 1 percent to close at SR111.20.

Savola, Almarai, eXtra and Al Kathiri fell between 1 and 3 percent.

Qassim Cement closed at SR77.90, down 1 percent after the end of the eligibility for cash dividends.

The parallel Nomu index was down 42.3 points, or 0.19 percent, closing at 22,331.94 points after traded 2.7 million shares. 


Indonesia needs additional $148bn to limit carbon emissions 

Indonesia needs additional $148bn to limit carbon emissions 
Updated 29 November 2021

Indonesia needs additional $148bn to limit carbon emissions 

Indonesia needs additional $148bn to limit carbon emissions 

RIYADH: Indonesia will need an additional funding of $148 billion to meet its goal of curbing carbon emissions in 2030, Bloomberg reported.

The southeast Asian country needs a total of $365 billion in green investments to cut emissions by 29 percent, head of Fiscal Policy Agency, Febrio Kacaribu, said in a briefing. 

Of the total amount needed, $97 billion is to come from the government, while $120 billion to come from planned private investments. 

Indonesia could reduce emissions by 41 percent with “concrete” international help, Kacaribu added.