UAE’s Barakah Plant Completes Final Reactor, Advancing Energy Diversification Goals6 min read
- 02.01.2024
- Posted by: Derya Bandak
- Categories: Dubai, Tax
The Federal Authority for Nuclear Regulation (FANR) has granted the operating license for the fourth and final reactor of the Barakah Nuclear Power Plant, which is a historic moment for the United Arab Emirates (UAE). This achievement aligns with the UAE’s ambitious 2050 Net Zero Goals, reflecting the nation’s commitment to sustainable development and clean energy.
The FANR, the UAE’s independent nuclear regulator, issued the operating license for Unit 4 to Nawah Energy Company (Nawah), marking a significant leap forward in realizing the UAE’s vision for a peaceful nuclear energy program. The license authorizes Nawah to commission and operate the unit for 60 years.
Completing the Barakah Nuclear Power Plant’s final reactor is crucial in achieving the UAE’s 2050 Net Zero Goals. The plant is a cornerstone in the UAE’s strategy to diversify its energy mix by reducing dependence on fossil fuels. The plant’s clean electricity generation aligns with global efforts to transition towards low-carbon energy sources. The UAE’s success in implementing the Nuclear Energy Program positions the country as a worldwide player in adhering to the highest international standards, which is crucial in fostering international collaboration towards achieving collective climate goals.
Following the issuance of the operating license for Unit 4, Nawah will proceed with a commissioning period to prepare for commercial operation. The FANR will inspect to ensure regulatory compliance during fuel load and power accession.
With 90% of the operating license application review conducted by Emirati nuclear experts, the success reflects FANR’s strategy in building local capabilities and skills in nuclear regulation.
As Unit 4 gears up for startup in 2024, the Emirates Nuclear Energy Corporation (ENEC) is focused on maximizing the UAE’s investment in the nuclear energy sector. Collaborating with global partners, Enec aims to identify the right technology to meet the rising demand for clean electricity, reinforcing the UAE’s role as a significant player in the international nuclear energy sector.
How TME Services Can Support
The Barakah Nuclear Power Plant symbolizes the UAE’s dedication to a sustainable and environmentally friendly energy future, which is aligned with the nation’s 2050 Net Zero Goals. The UAE’s approach to incorporating various energy sources demonstrates their continued forward-thinking attitude towards a cleaner energy mix, making the country an even more attractive destination for domestic and foreign investors who can contribute towards achieving the government’s 2050 Net Zero Goals.
TME Services is a team of 45 professionals in legal-, tax-, accounting and compliance with over 18 years of experience. We advised a significant number of SMEs in the context of the implementation of the tax framework in the UAE and KSA over the last decade to make sure that our clients are well-oriented in the new and fast-evolving tax landscape and to reduce the legal liability of managers which may arise in connection with non-compliance.
