Britain commits £2 billion for first nuclear plant in 20 years

NULL

The British government is set to spend £2 billion (AED 11.4bn) to support Chinese and French investments in a delayed nuclear power station in the south-west of the country. UK Chancellor George Osborne says the government will provide the initial cash to pave the way for the remaining investment by French company EDF, supported by China General Nuclear Corporation and China National Nuclear Corporation. Osborne says the £25 billion (AED 143bn) project is essential to ensure the lights stay on, as ageing nuclear and coal plants are retired over the coming 10 years. Hinkley Point C, near Bridgwater in Somerset, will be Britain's first new nuclear power station for 20 years, and is expected to supply 7% of the country's electricity needs, and create thousands of new jobs.

More from Business

  • Chad advisor calls for direct flights from UAE

    The Advisor for Telecommunications, Digital Economy and Digitalisation of the Administration to the Prime Minister of Chad has expressed his country's interest in collaborating with Emirati airlines, regarding direct flights between the two countries.

  • Roblox expands into Middle East with Arabic support

    Roblox is making a significant push into the Middle East by introducing Arabic-language support, aimed at making the popular gaming platform more accessible to millions of users in the region.

  • UAE economy set for 5-6% growth in 2025, says minister

    Abdullah bin Touq Al Marri, the UAE's Minister of Economy, has forecast a 5 to 6% growth for the national economy in 2025.

  • World Bank forecasts 3.4% growth for Gulf economies

    The World Bank projects the economic growth rate of Gulf countries will reach 3.4 per cent in 2025, rising to 4.1 per cent in 2026, compared to an expected 3.3 per cent growth rate for the Middle East and North Africa (MENA) region as a whole.

  • UAE President issues AI Council resolution

    President His Highness Sheikh Mohamed bin Zayed Al Nahyan has issued a resolution toreconstitute the Artificial Intelligence and Advanced Technology Council (AIATC), chaired by His Highness Sheikh Tahnoon bin Zayed Al Nahyan.