#UAE signals interest in European nuclear energy investments, sources say | Reuters

UAE signals interest in European nuclear energy investments, sources say | Reuters

The United Arab Emirates has approached European nations including Britain to gauge their interest in the Middle Eastern state investing in their nuclear power infrastructure, according to three sources familiar with the talks.

As part of its outreach, the UAE has discussed the idea of state-owned Emirates Nuclear Energy Company (ENEC) becoming a minority investor in European nuclear power assets, the sources said. They requested anonymity because the discussions are private.

ENEC has ambitions of becoming an international nuclear energy company holding minority stakes in nuclear power infrastructure of other nations, without managing or operating them, the sources told Reuters.

ENEC, owned by Abu Dhabi's ADQ, has been holding talks to invest in the United Kingdom, the sources who have been briefed on the discussions added, without elaborating. Cash-rich oil producers United Arab Emirates and Saudi Arabia are seeking to diversify their economies away from fossil fuels. Meanwhile, Britain is looking for additional private investment in the Sizewell C large-scale nuclear project being built by French energy giant EDF in southeast England after buying out a China backer.

Banks and industrial stocks lift #Dubai, #AbuDhabi falls | Reuters

Banks and industrial stocks lift Dubai, Abu Dhabi falls | Reuters

Dubai's main share index closed higher on Friday, boosted by gains in banking and industrial sector stocks while the Abu Dhabi index declined on the day.

The Dubai index gained 4.6% in the first quarter of 2024 after suffering losses in the quarter ending December 2023, according to LSEG data, supported by strong corporate earnings and rising real estate prices in the Emirate.

Dubai's main index (.DFMGI), opens new tab rose 0.3% on Friday, lifted by a 1.2% rise in top lender Emirates NBD Bank (ENBD.DU), opens new tab and a 4.2% hike in Mashreq Bank (MASB.DU), opens new tab.

Among the gainers, school operator Taaleem Holdings (TAALEEM.DU), opens new tab gained 1.4% after the firm reported a 47% growth in second quarter net profit to 101.2 million dirhams ($27.56 million).

Abu Dhabi's benchmark index (.FTFADGI), opens new tab slipped 0.4%, dragged down by a 9.9% plunge in UAE's largest utility firm Abu Dhabi National Energy Company (TAQA.AD), opens new tab, while the UAE's largest lender First Abu Dhabi Bank (FAB.AD), opens new tab fell 1.3%.

On a weekly basis the Dubai index ended 0.8% lower, according to LSEG data.

Despite this week's decline and price correction risks, the solid fundamentals of the Dubai market and economy could support a recovery, said Milad Azar Market, market analyst at XTB MENA.

Meanwhile the Abu Dhabi index logged a 3.7% decline on a quarterly basis and a 1% fall on a weekly basis, according to LSEG data.

The oil price - a key marker for the Gulf's financial market - settled 1.94% higher at $87.07 a barrel on the expiry on Thursday.


Gains in oil prices were fuelled by concerns of tighter crude supply amid ongoing attacks on Russia's energy infrastructure and a falling U.S. rig count.