Global Arab Network | UAE, South Korea sign .41 bln nuclear contract

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UAE, South Korea sign $20.41 bln nuclear contract

Global Arab Network - - George Haddad

Monday, 28 December 2009 16:37

UAE (ABU DHABI) - The United Arab Emirates (UAE) and South Korea inked a contract worth 75 billion dirhams ($20.41 bln) for building four nuclear energy plants in the UAE.

The signing ceremony for the contract and for other cooperative deals was attended by UAE President Sheikh Khalifa bin Zayed Al Nahyan and visiting South Korean President Lee Myung-bak.

The cooperative agreements were inked by UAE Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan and South Korean Minister of Knowledge Economy Choi Kyung-hwan.

The deals mainly include a 75-billion-dirham contract between the Emirates Nuclear Energy Corporation (ENEC) and a consortium of South Korean and US companies - led by Korea Electric Power Corporation (KEPCO).

Under the deal, the consortium will design, build and help operate and maintain four civil nuclear power plants for the United Arab Emirates peaceful nuclear energy program.

The agreements also cover a framework protocol for boosting economic partnership to further strengthen bilateral cooperation between the UAE and South Korea. Under the agreement, the two countries will set up a higher committee and a number of sub-committees to facilitate cooperation in diverse fields such as peaceful nuclear energy, renewable energy, energy efficiency and sustainability, information technology and communications, semi-conductors, shipbuilding and human resources development.

The two sides also sealed three complementary agreements including a memorandum of understanding between Abu Dhabi Future Energy Company (Masdar) and Korean Ministry of Knowledge Economy for facilitating joint cooperation in renewable energy.

A multi-lateral agreement on education and human resources development was concluded between Khalifa University of Science, Technology and Research (KUSTAR) and Institute of Applied Technology and Korea Advanced Institute of Science and Technology, Korea Electric Power Corporation, Human Resources Development Service of Korea (HRD) and Korea Development Institute.

The Abu Dhabi Systems and Information Centre and Korea Development Institute reached an agreement for exchange of information and communications technology.

Following the signing ceremony, the UAE President said relations of friendship between the UAE and South Korea were progressing steadily and hoped these new agreements would make a qualitative leap in bonds between the two friendly countries.

"Our relationship with South Korea, which has seen sustained growth in recent years, has ushered into a new era of strategic partnership which will serve interest of the two countries," Sheikh Khalifa said.

For his part, the Korean head of state said he was grateful to the UAE for awarding the multi-billion contract to the consortium of Korean companies and for forging strategic partnership with his country. He pledged to maximize efforts to push bilateral relations ahead.(KUNA)

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