ENEC appoints Credit Suisse as nuclear advisor

State-backed corporation continues drive to develop power plants

A single building contract has been awarded so far.
A single building contract has been awarded so far.

RELATED ARTICLES: Minister: Kuwait to build four nuclear reactors | Egypt invites tenders for nuclear power plantUAE foreign investment powers up Iran

Credit Suisse, the Swiss investment bank, has been appointed financial adviser to the Emirates Nuclear Energy Corporation as the UAE progresses with its drive into alternative energy.

ENEC is building nuclear power plants in the country, and last December awarded an AED73.46 billion contract to a consortium of South Korean companies to build four nuclear reactors on Abu Dhabi’s coastline – a ten-year project. The consortium this month revealed that work would begin in December.

The first of the 1,400 megawatt reactors in Braka, west of Abu Dhabi, will be operational in 2017, The Korea Time reported on 5th September, quoting an unnamed Kepco official.

The contract represents the country’s largest infrastructure project, and as yet has not been followed by further awards or tenders.
A spokesperson for ENEC, which is backed by the Abu Dhabi government, confirmed the appointment yesterday. The bank will offer advice around project risk management, it is believed.

Robert Bryniak, head of power consultancy Golden Sands, expected the undisclosed value of the advisory contract to be worth millions. “It’s also a good way for them to get into the financial deal … what usually happens is the adviser will have an option to get involved in the debt side as well,” he told newspaper The National.

The appointment comes a week after Kuwait, a member of the Organisation of Petroleum Exporting Countries, indicated plans to develop its own nuclear power plants.

Ahmad Bishara, secretary general of the National Nuclear Energy Committee, said the body is preparing a ‘roadmap’ for its future in atomic energy. A firm plan, which will include details of construction projects, is expected in January 2011

Most popular


CW Oman Awards 2020: Meet the winners
A round of the thirteen winning names at the Construction Week Oman Awards 2020 that


Leaders UAE 2020: Building a sustainable, 'resilient' infra
AESG’s Phillipa Grant, Burohappold’s Farah Naz, and Samana's Imran Farooq on a sustainable built environment
CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this

Latest Issue

Construction Week - Issue 767
Sep 01, 2020