DUBAI: The nuclear regulator in UAE has issued an operating license for the second unit of the Barakah nuclear power plant, an official from the regulator said on Tuesday.
The plant in the Al Dhafrah region of Abu Dhabi, one of the seven emirates making up the UAE and the nation’s capital, is the first nuclear power station in the Arab world and part of the Gulf oil producer’s efforts to diversify its energy mix.
Barakah’s Unit 1 was connected to the national power grid in August and in December reached 100 percent of reactor power capacity during testing.
Unit 1’s commercial operations are expected to start this year, Hamad Al Kaabi, deputy chairman of Federal Authority for Nuclear Regulation (FANR) and the UAE’s representative at the International Atomic Energy Agency (IAEA), told journalists.
The project has faced delays, some related to training staff as the country builds a nuclear industry from scratch.
Construction on Unit 1 began in 2012 and the plant was expected to start up in 2017, but FANR did not grant a license to the operator Nawah Energy Company until February 2020.
Nawah first applied to FANR for licenses for the two units in 2015.
When completed Barakah, which is being built by Korea Electric Power Corp. (KEPCO), will have four reactors with 5,600 megawatts (MW) of total capacity — equivalent to around 25 percent of the UAE’s peak demand.
Construction of Unit 3 is 94 percent complete and Unit 4 is 87 percent complete, Kaabi said.
Asked about security at the plant, Kaabi said measures were in place to protect the site from physical and cyber threats. He did not provide details.
UAE licenses second unit of Barakah nuclear power plant
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UAE licenses second unit of Barakah nuclear power plant
- Barakah to supply one quarter of peak demand
- Nuclear joins gas and solar power projects
Closing Bell: Saudi benchmark index closes lower at 10,540
RIYADH: Saudi equities ended Wednesday’s session lower, with the Tadawul All Share Index falling 55.13 points, or 0.52 percent, to close at 10,540.72.
The sell-off was mirrored across other indices, with the MSCI Tadawul 30 Index retreating 5.79 points, or 0.41 percent, to close at 1,393.32, while the parallel market Nomu slipped 74.56 points, or 0.32 percent, to 23,193.21.
Market breadth remained firmly negative, as decliners outpaced advancers, with 207 stocks ending the session lower against just 51 gainers on the main market.
Trading activity moderated compared to recent sessions, with volumes reaching 123.5 million shares, while total traded value stood at SR2.72 billion ($725.2 million).
On the sectoral and stock level, Al Moammar Information Systems Co. led the gainers after surging 9.96 percent to close at SR172.30, extending its rally following a series of contract announcements tied to data center and IT infrastructure projects.
Al Masar Al Shamil Education Co. climbed 4.89 percent to SR27.48, while Naqi Water Co. advanced 3.36 percent to SR58.50. Al Yamamah Steel Industries Co. and Al-Jouf Agricultural Development Co. also posted solid gains, rising 3 percent and 2.86 percent, respectively.
Losses, however, were concentrated in industrial names. Saudi Kayan Petrochemical Co. fell 3.67 percent to SR4.73, while Makkah Construction and Development Co. slid 3.44 percent to SR80.
Saudi Tadawul Group Holding Co. retreated 3.28 percent to SR147.50, weighed down by broader market weakness, and Saudi Cable Co. declined 3.18 percent to SR143.
Alkhaleej Training and Education Co. rounded out the top losers, shedding just over 3 percent.
On the announcement front, BinDawood Holding announced the signing of a share purchase agreement to acquire 51 percent of Wonder Bakery LLC in the UAE for 96.9 million dirhams, marking a strategic expansion of its food manufacturing footprint beyond Saudi Arabia.
The acquisition, which remains subject to regulatory approvals, is expected to support the group’s regional growth ambitions and strengthen supply chain integration.
BinDawood shares closed at SR4.68, up 0.43 percent, reflecting a positive market reaction to the overseas expansion move.
Meanwhile, Al Moammar Information Systems disclosed the contract sign-off for the renewal of IT systems support licenses with the Saudi Central Bank, valued at SR114.4 million, inclusive of VAT.
The 36-month contract is expected to have a positive financial impact starting from fourth quarter of 2025, reinforcing MIS’s position as a key technology partner for critical government institutions. The stock surged to the session’s limit making it the top gainer.
In a separate disclosure, Maharah Human Resources confirmed the completion of the sale of its entire stake in Care Shield Holding Co. through its subsidiary, Growth Avenue Investments, for a total consideration of SR434.3 million.
The transaction involved the transfer of 41.36 percent of Care Shield’s share capital to Dallah Healthcare, with Maharah receiving the full cash proceeds.
Despite the strategic divestment, Maharah shares closed lower, ending the session at SR6.12, down 1.29 percent.
