Engineers have begun a year-long process to install the 2,000-tonne steel structure that will house the Emirates' first nuclear reactor.
At the construction site in Baraka, a coastal outpost on the way from Abu Dhabi to Doha, a special crane designed to lift heavy weights has been brought in to move the 19 massive rings, each 45 metres wide, 3 metres tall, and so heavy they take two hours to be swung into place.
Once stacked and covered with concrete, they will form the grey silo that will be the most civilians will see of the reactor.
"As we continue to make steady progress on construction, we remain firmly committed to maintaining the highest standards of safety, security and quality in everything we do," said Mohamed Al Hammadi, the chief executive of Emirates Nuclear Energy Corporation (Enec), the government company building the plant. "This installation was a challenging and complicated operation."
The first of the four planned reactors, which altogether have a price tag of US$20 billion (Dh73.46bn), is set to come online in four years. Once all the reactors are brought online, they are expected to meet a quarter of Abu Dhabi power demand.
The steel structures being welded and assembled at Baraka are known in the industry as the containment liner plate, and they form a critical barrier in the case of a radiation leak. Assembly began two months ago and is expected to continue for another 10 months.
Enec recently applied to the UAE's independent nuclear regulator for a licence to build the third and fourth reactors. In July, the Federal Authority for Nuclear Regulation approved plans to build the first two reactors at Baraka, the first construction licence for a new nuclear programme awarded in nearly three decades.
COMPANY PROFILE
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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The specs
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Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
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