The Korea Electric Power Company (KEPCO) plans to announce more than US$10 billion (Dh36.73bn) of construction and engineering subcontracts in the next two months as part of plans to build four nuclear reactors in Abu Dhabi, a senior executive said. They will be the first major awards after KEPCO won a $20.4bn master contract in December to develop the Gulf's first nuclear power reactors. It beat bids from French companies and a US-Japanese consortium to provide the reactors, which are to be completed between 2017 and 2020 on an unidentified coastal zone in the emirate.
"We are negotiating with bidders now," said Byun Jun-yeon, KEPCO's executive vice president for overseas business. "The value of the package of contracts will be more than half of the total project cost." KEPCO's winning consortium included Samsung C and T, and Hyundai Engineering and Construction of South Korea. Westinghouse of the US, Toshiba of Japan and Doosan Heavy Industries and Construction are all in line for significant subcontractor packages.
KEPCO would operate and maintain the reactors, Mr Byun said. "We have our own maintenance in-house and operations, so we don't need any outside service companies." But there are numerous opportunities for other companies. Mr Byun said three quarters of the value of the nuclear deal, or $15bn, would be outsourced to subcontractors for critical work and equipment such as instrumentation and components, steam generators, turbines and piping over the entire lifespan of the project. Up to 200 contracts could be awarded, he said.
A large proportion of the work is expected to go to small and medium-size businesses, a plan that was a major focus of the Korea-Abu Dhabi Business Forum held yesterday, featuring more than 400 representatives of Korean and local companies. The event was sponsored by the Abu Dhabi Department of Economic Development and sought to highlight opportunities for collaboration by the two countries in construction, health care, high-speed rail, clean energy, shipbuilding and semiconductors.
South Korean companies will go head to head with other nuclear energy specialists eager to have a share of the multibillion-dollar contracts. Last month, representatives of more than 40 US companies visited Abu Dhabi to gauge business opportunities. "Getting certified and approved on the Korean supply chain would be a big part of what this initial thrust is about," said Danny Sebright, the president of the US-UAE Business Council, who organised the trip.
For its part, KEPCO said it was committed to transparency throughout the process. "Our policy is we will procure these materials through international open bidding," Mr Byun said. While construction of the first reactor will not begin until 2013, a ceremonial groundbreaking on the site is expected to take place in June or July, followed by preliminary work such as site grading, environmental analysis and preparation for labour accommodation, Mr Byun said.
Since being awarded the contract, KEPCO has amassed a staff of 100 who are working on the UAE project in Seoul. Another 20 are based in Abu Dhabi, but this will increase to 50 by the end of the year, Mr Byun said. The final value of the four nuclear reactors could grow beyond the initial $20.4bn quote, he added. Factoring in inflation, the cost could increase by 3 per cent per year over the 10-year construction phase, he said. The current figure is an "overnight cost" estimate, or what the project would cost in today's dollars.
Abu Dhabi is considering building an additional four nuclear power plants, which would eventually bring its total to eight, but has not yet made any decisions.
igale@thenational.ae
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
THE LIGHT
Director: Tom Tykwer
Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger
Rating: 3/5
PREMIER LEAGUE FIXTURES
All kick-off times UAE ( 4 GMT)
Saturday
Liverpool v Manchester United - 3.30pm
Burnley v West Ham United - 6pm
Crystal Palace v Chelsea - 6pm
Manchester City v Stoke City - 6pm
Swansea City v Huddersfield Town - 6pm
Tottenham Hotspur v Bournemouth - 6pm
Watford v Arsenal - 8.30pm
Sunday
Brighton and Hove Albion v Everton - 4.30pm
Southampton v Newcastle United - 7pm
Monday
Leicester City v West Bromwich Albion - 11pm
THE SPECS
Engine: AMG-enhanced 3.0L inline-6 turbo with EQ Boost and electric auxiliary compressor
Transmission: nine-speed automatic
Power: 429hp
Torque: 520Nm
Price: Dh360,200 (starting)
2018 ICC World Twenty20 Asian Western Regional Qualifier
Saturday results
Qatar beat Kuwait by 26 runs
Bahrain beat Maldives by six wickets
UAE beat Saudi Arabia by seven wickets
Monday fixtures
Maldives v Qatar
Saudi Arabia v Kuwait
Bahrain v UAE
* The top three teams progress to the Asia Qualifier
Tickets
Tickets start at Dh100 for adults, while children can enter free on the opening day. For more information, visit www.mubadalawtc.com.
The%20specs%3A%202024%20Mercedes%20E200
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Engine: 5.6-litre V8
Transmission: seven-speed automatic
Power: 400hp
Torque: 560Nm
Price: Dh234,000 - Dh329,000
On sale: now
AL%20BOOM
%3Cp%20style%3D%22text-align%3Ajustify%3B%22%3E%26nbsp%3B%26nbsp%3B%26nbsp%3BDirector%3AAssad%20Al%20Waslati%26nbsp%3B%3C%2Fp%3E%0A%3Cp%20style%3D%22text-align%3Ajustify%3B%22%3E%0DStarring%3A%20Omar%20Al%20Mulla%2C%20Badr%20Hakami%20and%20Rehab%20Al%20Attar%0D%3Cbr%3E%0D%3Cbr%3EStreaming%20on%3A%20ADtv%0D%3Cbr%3E%0D%3Cbr%3ERating%3A%203.5%2F5%0D%3Cbr%3E%0D%3Cbr%3E%3C%2Fp%3E%0A
The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
Analysis
Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
Teams
Pakistan: Sarfraz Ahmed (captain), Mohammad Hafeez, Sahibzada Farhan, Babar Azam, Shoaib Malik, Asif Ali, Shadab Khan, Shaheen Shah Afridi, Usman Khan Shanwari, Hasan Ali, Imad Wasim, Faheem Ashraf.
New Zealand: Kane Williamson (captain), Corey Anderson, Mark Chapman, Lockie Ferguson, Colin de Grandhomme, Adam Milne, Colin Munro, Ajaz Patel, Glenn Phillips, Seth Rance, Tim Seifert, Ish Sodhi, Tim Southee, Ross Taylor.
The biog
Name: Fareed Lafta
Age: 40
From: Baghdad, Iraq
Mission: Promote world peace
Favourite poet: Al Mutanabbi
Role models: His parents
Things Heard & Seen
Directed by: Shari Springer Berman, Robert Pulcini
Starring: Amanda Seyfried, James Norton
2/5
Have you been targeted?
Tuan Phan of SimplyFI.org lists five signs you have been mis-sold to:
1. Your pension fund has been placed inside an offshore insurance wrapper with a hefty upfront commission.
2. The money has been transferred into a structured note. These products have high upfront, recurring commission and should never be in a pension account.
3. You have also been sold investment funds with an upfront initial charge of around 5 per cent. ETFs, for example, have no upfront charges.
4. The adviser charges a 1 per cent charge for managing your assets. They are being paid for doing nothing. They have already claimed massive amounts in hidden upfront commission.
5. Total annual management cost for your pension account is 2 per cent or more, including platform, underlying fund and advice charges.
BUNDESLIGA FIXTURES
(All games 4-3pm kick UAE time) Bayern Munich v Augsburg, Borussia Dortmund v Bayer Leverkusen, Hoffenheim v Hertha Berlin, Wolfsburg v Mainz , Eintracht Frankfurt v Freiburg, Union Berlin v RB Leipzig, Cologne v Schalke , Werder Bremen v Borussia Monchengladbach, Stuttgart v Arminia Bielefeld
Stage 3 results
1 Adam Yates (GBR) Mitchelton-Scott 4:42:33
2 Tadej Pocagar (SLO) UAE Team Emirates 0:01:03
3 Alexey Lutsenko (KAZ) Astana 0:01:30
4 David Gaudu (FRA) Groupama-FDJ
5 Rafal Majka (POL) Bora-Hansgrohe
6 Diego Ulissi (ITA) UAE Team Emirates 0:01:56
General Classification after Stage 3:
1 Adam Yates (GBR) Mitchelton-Scott 12:30:02
2 Tadej Pocagar (SLO) UAE Team Emirates 0:01:07
3 Alexey Lutsenko (KAZ) Astana 0:01:35
4 David Gaudu (FRA) Groupama-FDJ 0:01:40
5 Rafal Majka (POL) Bora-Hansgrohe
6 Wilco Kelderman (NED) Team Sunweb) 0:02:06
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
MATCH INFO
Uefa Champions League last 16, first leg
Liverpool v Bayern Munich, midnight, Wednesday, BeIN Sports
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
The biog
Born: High Wycombe, England
Favourite vehicle: One with solid axels
Favourite camping spot: Anywhere I can get to.
Favourite road trip: My first trip to Kazakhstan-Kyrgyzstan. The desert they have over there is different and the language made it a bit more challenging.
Favourite spot in the UAE: Al Dhafra. It’s unique, natural, inaccessible, unspoilt.
Abu Dhabi Sustainability Week
Ain Dubai in numbers
126: The length in metres of the legs supporting the structure
1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch
16 A380 Airbuses: The equivalent weight of the wheel rim.
9,000 tonnes: The amount of steel used to construct the project.
5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place
192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.
RedCrow Intelligence Company Profile
Started: 2016
Founders: Hussein Nasser Eddin, Laila Akel, Tayeb Akel
Based: Ramallah, Palestine
Sector: Technology, Security
# of staff: 13
Investment: $745,000
Investors: Palestine’s Ibtikar Fund, Abu Dhabi’s Gothams and angel investors
SPEC%20SHEET
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The Year Earth Changed
Directed by:Tom Beard
Narrated by: Sir David Attenborough
Stars: 4
