Construction Starts on Egypt’s First Nuclear Plant

A view shows a board with the logo of Russian state nuclear agency Rosatom at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 16, 2022. (Reuters)
A view shows a board with the logo of Russian state nuclear agency Rosatom at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 16, 2022. (Reuters)
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Construction Starts on Egypt’s First Nuclear Plant

A view shows a board with the logo of Russian state nuclear agency Rosatom at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 16, 2022. (Reuters)
A view shows a board with the logo of Russian state nuclear agency Rosatom at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 16, 2022. (Reuters)

Construction of a nuclear plant by Russia's state-owned energy corporation Rosatom on Egypt's north coast has begun, according to a joint statement from the company and Egyptian authorities.

The plant at El-Dabaa is Egypt's first and is planned to have four units, each with a generating capacity of 1,200MW, according to the statement posted by the Egyptian nuclear authority late on Wednesday.

Egyptian Energy Minister Mohamed Shaker was quoted as saying the pouring of concrete for the first unit marked an “historic event” for Egypt, made possible by Egyptian-Russian cooperation.

The 4.8-gigawatt plant is located 300 kilometers west of Cairo in the Matrouh province on the Mediterranean.

The construction is expected to be completed in eight years.

Rosatom chief Alexey Likhachev said: “The construction of the first unit of the plant officially marks Egypt’s joining of the nuclear-producing countries.”

It will allow it to reach new levels of technological, industrial and educational development, he added.

He said the El-Dabaa plant is the greatest cooperation project between Russia and Egypt since the construction of the Aswan High Dam.

Egypt has been considering a nuclear plant at El-Dabaa on and off since the 1980s. Contracts for the plant came into effect in 2017, but the start of construction was delayed for several years.

Rosatom received approval from the Egyptian regulator to start construction on the first unit last month.

The plant will use pressurized water reactors similar to those at Novovoronezh and Leningrad nuclear power plants in Russia, and at a Belarusian plant that was connected to the grid in November 2020, the joint statement said.



Abu Dhabi's MAIR Group to List in Abu Dhabi Next Month

Abu Dhabi's MAIR Group to List in Abu Dhabi Next Month
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Abu Dhabi's MAIR Group to List in Abu Dhabi Next Month

Abu Dhabi's MAIR Group to List in Abu Dhabi Next Month

Abu Dhabi-based MAIR Group, an investment firm active in sectors including food retail and commercial real estate, said on Thursday it would list on the local bourse next month.

The company, which operates over 100 stores in the United Arab Emirates (UAE) under the ADCOOP and SPAR brands, said in a statement the listing on the Abu Dhabi securities exchange (ADX) would take place on Dec. 9.

It did not disclose the amount of stock shareholders and employees plan to sell through the so-called direct listing, which takes place when a company offers shares to the public without going through a bank-backed initial public offering, Reuters reported.

As MAIR prepares to list "we are ready to amplify our impact, strengthen our foundations, and invite stakeholders to join our journey," Managing Director and CEO Nehayan Al Ameri said.

MAIR, which also manages more than 12 shopping centers through its commercial real estate division, booked revenues of 1.2 billion dirhams ($326.7 million) in the first half of 2024.

Last year, it distributed 135 million dirhams in dividends, equal to 12.11% of the share capital, to its over 12,000 shareholders.