The United Arab Emirates is setting up an investment vehicle to take stakes in the global nuclear industry as it prepares to award a contract to develop the first civilian nuclear plants in the Arab world.
The Emirates Nuclear Energy Corporation is expected to be formally established within weeks. It will oversee the development of the nuclear programme and act as a government investment arm by making strategic investments in the sector, domestically and internationally.
The government hopes an agreement with the US will be finalised shortly, which would allow civilian nuclear trade with the UAE. Similar deals have been reached with France and Korea.
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