Nawah given licence to operate UAE’s Barakah Nuclear Power Plant unit

The licence, with an estimated duration of 60 years, authorizes Nawah to commission and operate Unit 3 of the Barakah Nuclear Power Plant. (WAM)
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Updated 17 June 2022
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Nawah given licence to operate UAE’s Barakah Nuclear Power Plant unit

ABU DHABI: Nawah Energy Company has been given the go-ahead to operate a unit of the Barakah Nuclear Power Plant by the UAE’s independent nuclear regulator.

The Federal Authority for Nuclear Regulation has issued an operating licence for unit 3 of the facility to the subsidiary of the Emirates Nuclear Energy Corporation.

The licence, with an estimated duration of 60 years, authorizes Nawah to commission and operate Unit 3 of the Barakah Nuclear Power Plant.

"This is another historic moment for the UAE, being the first Arab country in the region to operate a nuclear power plant and culminating efforts of 14 years in building such a programme,” said Ambassador Hamad Al Kaabi, UAE’s permanent representative to the International Atomic Energy Agency and deputy chairman of the Board of Management of FANR.

"The decision announced today follows many years of intensive work and collaboration with national and international stakeholders such as International Atomic Energy Agency, Republic of Korea and other international regulatory bodies," Al Kaabi added.

In February 2020 and March 2021, FANR issued the licences for Unit 1 and Unit 2, respectively, of Barakah Nuclear Power Plant and maintained its regulatory oversight until the commercial operations of the units.

The UAE is currently building four units at the Barakah Nuclear Power Plant, and the project’s overall construction rate is 97 percent as follows: Unit 1: commercially operational; Unit 2: commercially operational; Unit 3: commissioning phase; Unit 4: 92 percent.

 


Silver crosses $77 mark while gold, platinum stretch record highs

Updated 27 December 2025
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Silver crosses $77 mark while gold, platinum stretch record highs

  • Spot silver touched an all-time high of $77.40 earlier today, marking a 167% year-to-date surge driven by supply deficits
  • Spot platinum rose 9.8% to $2,437.72 per ounce, while palladium surged 14 percent to $1,927.81, its highest level in over 3 years

Silver breached the $77 mark for the first time on Friday, while gold and platinum hit record highs, buoyed by expectations of US Federal Reserve rate cuts and geopolitical tensions that fueled safe-haven demand.

Spot silver jumped 7.5% to $77.30 per ounce, as of 1:53 p.m. ET (1853 GMT), after touching an all-time high of $77.40 earlier today, marking a 167% year-to-date surge driven by supply deficits, its designation ‌as a US ‌critical mineral, and strong investment inflows.

Spot gold ‌was ⁠up ​1.2% at $4,531.41 ‌per ounce, after hitting a record $4,549.71 earlier. US gold futures for February delivery settled 1.1% higher at $4,552.70.

“Expectations for further Fed easing in 2026, a weak dollar and heightened geopolitical tensions are driving volatility in thin markets. While there is some risk of profit-taking before the year-end, the trend remains strong,” said Peter Grant, vice president and senior metals strategist ⁠at Zaner Metals.

Markets are anticipating two rate cuts in 2026, with the first likely ‌around mid-year amid speculation that US President Donald ‍Trump could name a dovish ‍Fed chair, reinforcing expectations for a more accommodative monetary stance.

The US ‍dollar index was on track for a weekly decline, enhancing the appeal of dollar-priced gold for overseas buyers.

On the geopolitical front, the US carried out airstrikes against Daesh militants in northwest Nigeria, Trump said on Thursday.

“$80 in ​silver is within reach by year-end. For gold, the next objective is $4,686.61, with $5,000 likely in the first half of next ⁠year,” Grant added.

Gold remains poised for its strongest annual gain since 1979, underpinned by Fed policy easing, central bank purchases, ETF inflows, and ongoing de-dollarization trends.

On the physical demand side, gold discounts in India widened to their highest in more than six months this week as a relentless price rally curbed retail buying, while discounts in China narrowed sharply from last week’s five-year highs.

Elsewhere, spot platinum rose 9.8% to $2,437.72 per ounce, having earlier hit a record high of $2,454.12 while palladium surged 14% to $1,927.81, its highest level in more than three years.

All precious ‌metals logged weekly gains, with platinum recording its strongest weekly rise on record.