Energy UAE’s Barakah nuclear plant starts operations on third unit By Pramod Kumar September 23, 2022, 6:36 AM Wam The start-up of unit 3 of Barakah plant by Nawah Energy Company was achieved one year after the start-up of unit 2. UAE’s Emirates Nuclear Energy Corporation’s (ENEC) operating and maintenance subsidiary has started up unit 3 of the Barakah nuclear energy plant, it said in a statement. The start-up of unit 3 by Nawah Energy Company (Nawah) was achieved one year after the start-up of unit 2. The connection of unit 3 to the national electricity grid is likely in the coming weeks. Unit 3, once commercially operational, will add another 1,400 megawatts of zero-carbon emission electricity capacity to the national grid. Both units 1 and 2 of the Barakah plant are operating commercially. Unit 4 is in the final stages of commissioning prior to the completion of construction. The nuclear power plant will eliminate 22.4 million tons of carbon emissions when fully operational, the statement said.
Markets Oman’s Asyad Group plans IPO of shipping unit Asyad Group, a logistics business owned by Oman’s sovereign wealth fund, has announced plans to float its shipping unit on the Muscat stock exchange. At least 20 percent of Asyad Shipping Company will be sold in the initial public offering. The Asyad IPO will be divided into two tranches. The first is 75 percent of […] 1 hour ago
Video length: 04:02 VIDEO Finance One million users for Saudi Arabia’s Sahm trading app “Riyadh has a population of 8 million. The government is going to double the population. That means money. That means capital,” says Steven Chou, chairman of Saudi-based fintech-driven financial company Sahm Capital. “Local Saudis are keen to look for a new product. They are options lovers,” Chou says, adding that the sectors of interest include […] 47 mins ago In association with
Industry Almarai to increase poultry output by 35% Almarai, the Middle East dairy and food production group, announced plans to increase its poultry output by 35 percent this year as it continues with its multi-billion-dollar expansion plans. The Riyadh company reported fourth-quarter profit of SAR430 million ($115 million), an increase of 16 percent, as revenue rose 4.8 percent to SAR5.15 billion. It announced a […] 1 hour ago
Construction German company to assess proposed Spain-Morocco tunnel A German-owned company has been awarded a contract to conduct a feasibility study on building an undersea railway tunnel between Morocco and Spain, the latest indication that the long-stalled plan could become reality. If built, the tunnel would be one of the longest of its kind worldwide and would make transporting goods and people between […] 2 hours ago
