UAE, Australia sign nuclear deal
Source: Bi-ME with AFP , Author: Posted by BI-ME staff
Posted: Thu August 2, 2012 10:32 am

UAE. Australia has signed a nuclear supply treaty with the United Arab Emirates in a deal Foreign Minister Bob Carr said would see the Gulf state become Canberra's first Middle Eastern uranium customer.

Carr and UAE counterpart Sheikh Abdullah bin Zayed al-Nahyan inked the deal in Abu Dhabi on Thursday, with the Australian minister describing it as a "step forward" for the Emirates' domestic nuclear power plans.

"Strict safeguards will apply, including for the safe handling and security of radioactive material, restrictions on re-export and guarantees of use for peaceful purposes," Carr said in a statement.

"These mirror arrangements in Australia's other nuclear cooperation agreements, with Canada, Republic of Korea, China, the United States and elsewhere."

No details were provided on volumes or costs.

The UAE announced this month that it would begin building two of four 1,400 megawatt nuclear power plants in partnership with a South Korean consortium, the first of which is scheduled to begin production in 2017.

It promised additional measures to strengthen nuclear security, following Japan's Fukushima reactor crisis which dented global confidence in the industry and prompted Germany to pledge a phase out of the technology by 2022.

Despite being a major oil exporter, the UAE has opted for nuclear, seeing it as a "proven, environmentally promising and commercially competitive" source of electricity, upon which it relies to produce all of its drinking water via desalination.

Australia does not use nuclear power but is the world's third-ranking uranium producer behind Kazakhstan and Canada.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: April 17, 2014
KUWAIT. According to a newly released report by Kuwait Finance House Research, the global sukuk market saw a modest volume of US$31.14 billion in new sukuk issuances in 1Q2014. This volume represents a drop of 9.82% compared to US$34.53 billion worth of issuances in 1Q13.
date:Posted: April 16, 2014
INTERNATIONAL. The WGC pointed out that the Chinese bank savings amount to US$7.5 trillion but only about US$300 billionn is allocated to gold, signifying the potential for gold demand to grow as Chinese wealth climbs.
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UAE. "A similar drop to 2013 is unlikely. Those who wanted to get out of gold did, and the rest of 2014 will probably be a year of sideways trading."
dhgate