The UAE is leading a “regional renaissance” in nuclear energy after Fukushima, said one leading expert in our story yesterday. We are currently building four nuclear reactors, in one development in the Western Region. In four years, nuclear energy is expected to produce a quarter of our needs.
But why would a country blessed with so much oil and gas seek such an expensive alternative? In fact, surprisingly little of our oil reserves are used for power generation – most of it is exported. It is our gas that is mainly used for power, as well as some renewables.
Yet even that carries a cost, what economists call an opportunity cost. Simply put, if a unit of gas is used for domestic energy, that is a unit of gas that we cannot sell abroad for hard cash. During the height of gas prices a few years ago, that, of course, was a significant cost. Gas prices have dropped recently, but they will probably rise again.
But freeing up gas for export is only part of the reason why the country is keen on nuclear power. Another is security: particularly with gas, we get more gas from abroad than we sell, making us reliant on imports for at least part of our energy mix. That creates the possibility of disruptions. Although lots of gas comes from friendly sources, there is always the chance that global events impact our ability to generate power – a situation no country wants to be put in. Having nuclear reactors means that a big part of our energy needs will be within our own borders.
The other element is education. For now, much of the expertise for building nuclear power plants comes from South Korea. But that will change, as Emiratis gain the necessary training and experience. In time, the education that comes from a domestic nuclear programme could prove at least as valuable as the energy the programme produces.
Building nuclear reactors is a long-term policy. Yet the gains that come from having a domestic industry are equally long-term, and will open up new opportunities well into the future.
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
Jewel of the Expo 2020
252 projectors installed on Al Wasl dome
13.6km of steel used in the structure that makes it equal in length to 16 Burj Khalifas
550 tonnes of moulded steel were raised last year to cap the dome
724,000 cubic metres is the space it encloses
Stands taller than the leaning tower of Pisa
Steel trellis dome is one of the largest single structures on site
The size of 16 tennis courts and weighs as much as 500 elephants
Al Wasl means connection in Arabic
World’s largest 360-degree projection surface
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
