عربي English Türkçe اردو فارسى
Logo
Latest News
Business

UAE’s Nawah, French CERAP Sign Agreement to Support Barakah Plant

Barakah Nuclear Plant is set to produce 85% of Abu Dhabi's clean electricity by 2025. (WAM)
Barakah Nuclear Plant is set to produce 85% of Abu Dhabi's clean electricity by 2025. (WAM)
TT
TT

UAE’s Nawah, French CERAP Sign Agreement to Support Barakah Plant

Barakah Nuclear Plant is set to produce 85% of Abu Dhabi's clean electricity by 2025. (WAM)
Barakah Nuclear Plant is set to produce 85% of Abu Dhabi's clean electricity by 2025. (WAM)

The United Arab Emirates’ Nawah Energy Company has signed an agreement with CERAP S.A to provide technical services to support refueling outages and online operations at the Barakah Nuclear Energy Plant, Emirates Nuclear Energy Corporation (ENEC) said on Friday.

ENEC and the French Nuclear Industry Group (GIFEN) co-hosted the fourth edition of E-FUSION (Emirati-French Industrial Supply Chain Initiative for Nuclear), held as part of the French Nuclear Energy Day at the French Pavilion at Expo 2020 Dubai.

Representatives from local and international nuclear industry companies, government officials and energy experts met to discuss the growing opportunities for collaboration between UAE and French organizations within the nuclear energy sector.

The participants learned about the latest progress at the Barakah Nuclear Energy Plant, the cornerstone of the UAE Peaceful Nuclear Energy Program, located in the al-Dhafra region of Abu Dhabi.

The plant is now more than 96% complete and is generating clean electricity around the clock with zero carbon emissions.

Barakah is rapidly decarbonizing the nation’s energy sector through the largest decarbonization effort in the UAE and wider region.

Unit 1 became commercially operational in April 2021, and Unit 2 of the plant was connected to the UAE grid in August 2021 and has recently achieved 100% power for the first time, as part of the power ascension testing, which happens prior to commercial operation of the Unit, anticipated in the coming months. Units 3 and 4 are in final stages of commissioning.

Leading representatives from companies in France and the UAE provided engaging sessions including a morning plenary session, thematic workshops, panel discussions and an evening reception.

The dedicated E-FUSION workshop highlighted the latest advancements in the nuclear energy sector within France and the UAE and demonstrated the close ties and benefits of Franco-Emirati commercial relations in the nuclear sector.

The attendees discussed the latest developments within the sector, as well as the future of innovation that supports efforts to tackle climate change and increase sustainability.

Launched by ENEC, EDF and GIFEN in 2019, E-FUSION is a partnership between ENEC and industrial partners, aiming at supporting an Emirati-French initiative to create a local supply chain for the nuclear sector. Business France is actively supporting this initiative.

CERAP is a leading European nuclear services provider with over 30 years of experience, operating in more than eight countries.

It partnered with its shareholder ENDEL, French leader in industrial maintenance and energy services, to offer a comprehensive range of specialized services to Nawah, ENEC’s joint venture operating and maintenance subsidiary, in the UAE.

Committed to localizations with the Abu Dhabi subsidiary NUSAM Limited created in 2021, CERAP and ENDEL are determined to share their expertise and support the development of the UAE’s nuclear supply chain.

The Barakah Plant is one of the world’s largest nuclear energy plants and meets the highest international standards of nuclear safety, security, quality and non-proliferation.

By 2025, it is forecast to be the largest contributor to cutting Abu Dhabi Emirate’s carbon emissions by 50% by 2050 and is set to produce 85% of Abu Dhabi's clean electricity by 2025.

Most Viewed

 
 
Business

Iraq Oil Output Exceeds 5 million bpd

Majnoon oil field near the Iraqi city of Basra (Reuters)
Majnoon oil field near the Iraqi city of Basra (Reuters)
TT
TT

Iraq Oil Output Exceeds 5 million bpd

Majnoon oil field near the Iraqi city of Basra (Reuters)
Majnoon oil field near the Iraqi city of Basra (Reuters)

Iraq produces more than 5 million barrels of oil per day (bpd), Oil Minister Basim Mohammed told state news agency INA on Saturday.

According to Reuters, Iraq is pushing for a higher OPEC production quota as the economic fallout from the Iran war and new investment by oil majors increase pressure on Baghdad to boost output, potentially putting it at odds with the producer group.

The conflict has hit Iraq particularly hard, forcing major export cuts and depriving the state of oil revenue, which accounted for 88% of government income last year.

Business

IMF: Any Slowdown in AI-driven Growth Would be Factor for Central Banks

IMF Managing Director Kristalina Georgieva speaks during the Annual Meetings Plenary at the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) at the Queen Sirikit National Convention Center (QSNCC) in Bangkok on October 16, 2026. (Photo by Lillian SUWANRUMPHA / AFP)
IMF Managing Director Kristalina Georgieva speaks during the Annual Meetings Plenary at the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) at the Queen Sirikit National Convention Center (QSNCC) in Bangkok on October 16, 2026. (Photo by Lillian SUWANRUMPHA / AFP)
TT
TT

IMF: Any Slowdown in AI-driven Growth Would be Factor for Central Banks

IMF Managing Director Kristalina Georgieva speaks during the Annual Meetings Plenary at the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) at the Queen Sirikit National Convention Center (QSNCC) in Bangkok on October 16, 2026. (Photo by Lillian SUWANRUMPHA / AFP)
IMF Managing Director Kristalina Georgieva speaks during the Annual Meetings Plenary at the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) at the Queen Sirikit National Convention Center (QSNCC) in Bangkok on October 16, 2026. (Photo by Lillian SUWANRUMPHA / AFP)

Central bankers around the world would need to consider any slowdown in AI-driven growth as they assess steps in their fight against inflation, International Monetary Fund Managing Director Kristalina Georgieva said on Friday.

Georgieva said concerns about dependence on the AI investment boom and high valuations were impacting markets around the world.

"Things are going up and down, and this is likely to continue," she told an audience at IMF headquarters in Washington, adding that the volatility would complicate the job of central banks at a time when risks to price stability had been growing.

A steep rout in technology stocks on Thursday rippled through markets on fears that ⁠the Democrats' victory ⁠in the US midterm elections would increase regulatory scrutiny of AI and slow the data center build-out, sending investors to the safety of bonds.

The political jitters are hitting an AI trade already on shaky footing due to worry about return on massive spending on AI-related infrastructure, with the meltdown spurring margin calls and spooking retail investors and hedge ⁠funds alike.

Georgieva said the AI investment boom was lifting growth in some countries, helping to offset a negative oil-supply shock triggered by the war in the Middle East, but it was also adding to inflationary pressures and financial stability concerns.

The IMF last month flagged significant growth and financial stability risks from a potential ending of the AI investment boom, among other factors, including a prolonged Middle East war. At the time, it warned that a steep drop in AI investment could lead to a sharp fall in asset prices, ultimately cutting global GDP ⁠by 1.1% ⁠by 2028, including a 1.8% drop in US output.

Georgieva did not repeat the downside forecast on Friday, but acknowledged the recent market volatility.

"Should there be a slowdown in the AI-driven growth impulse, it would need to be factored in as central banks assess the necessary steps in the fight against stubborn inflation," she said.

Democrats are planning to unleash a flood of new legislation targeting artificial intelligence systems and data-center development when they take control of the US Congress in January, Reuters reported on Friday, citing congressional aides and advocates.

That would mark a sharp shift from the Republican-led Congress, where lawmakers largely focused on promoting AI development and declined to pass legislation restricting the technology.

Business

World Food Prices Dip in October, but Remain Higher Than a Year Ago

A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)
A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)
TT
TT

World Food Prices Dip in October, but Remain Higher Than a Year Ago

A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)
A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)

World food prices edged lower in October as weaker import demand contributed to monthly declines in cereal, dairy and meat prices, but were still nearly 6% higher than a year earlier, the United Nations' Food and Agriculture Organization said on Friday.

The FAO Food Price Index, which tracks monthly changes in international prices for a basket of food commodities, ‌averaged 133.9 points ‌in October, down from a revised ‌135.6 ⁠in September.

The index ⁠was 5.9% higher than a year earlier, but remained 16.4% below its March 2022 peak.

FAO's cereal price index fell 4.5% from September and was 12.6% lower than a year ago, as wheat and maize quotations declined. Wheat prices eased on weak import demand ⁠and improved production prospects, especially in Argentina.

"Expectations of ‌easing constraints on Black ‌Sea export flows added to the downward pressure on prices, ‌although continued disruptions to Black Sea logistics limited the decline," ‌FAO said in a statement.

Maize prices also eased after reaching a three-year high in September, pressured by the US harvest, expectations of ample supplies in South America and renewed ‌prospects of easing tensions in the Black Sea region.

Vegetable oil prices edged up 0.3%, ⁠as ⁠higher soybean and sunflower oil prices more than offset a fall in rapeseed oil prices.

Sugar prices rose 6.6%, their fourth straight monthly increase, to the highest level since December 2024, after rainfall disrupted harvesting in Brazil. They were now 28.8% above a year ago.

The dairy index fell 1.1%, as lower butter and cheese prices linked to ample supplies and subdued demand outweighed gains in milk powder.

The meat index declined 1.2%, while still slightly above its year-earlier level, as ovine and bovine meat prices fell.