The US$20 billion (Dh73.46bn) agreement between the UAE and South Korea to build four nuclear reactors in the Emirates over the next seven years is epochal in several ways.
It is the biggest foreign contract ever awarded by the country and is therefore proof that, despite the credit crisis and short-lived recession, the Emirates has the resources to continue pursuing the goals of its central economic strategy.
It is simultaneously a signal of political maturity that the country was able to negotiate with the international community over the sensitive issue of nuclear power and conclude a deal without any of the uproar that accompanied Iran’s declaration of its nuclear ambitions.
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