UK courts Bahrain and the United Arab Emirates for investments to salvage the nuclear dream

Gulf states poised to bail Britain out of energy crisis

Bahrain and the UAE courted by energy secretary Grant Shapps for fresh nuclear investment

By Rachel Millard, 30 April 2023 

Gulf states are poised to help bankroll Britain’s efforts to build new
nuclear power stations to keep the lights on, the energy security secretary
has indicated. Grant Shapps visited the region in January and said he
remains “in constant contact” with investors in the region who are
“very interested” in the nuclear sector. Countries such as the UAE and
Bahrain have built up vast sovereign wealth funds which are now pushing
into clean energy amid global efforts to cut fossil fuel use.

 Jeremy Hunt, the chancellor, met with the UAE’s Mubadala, a sovereign investment firm,
in February, and has abandoned plans to toughen tax rules for sovereign
wealth funds. Mr Shapps said: “I was in the Gulf states [this year] and
I’m in constant contact with our friends and colleagues over there. “They
have already been investing massive amounts in renewable energy – and
they’re very interested in nuclear power as well. The scale of their
ambitions are pretty big – watch this space.” 

Ministers are trying to drum up investment for EDF’s planned £20bn power plant in Suffolk as well as other nuclear projects as part of a push on the carbon-free [?] power
source. Legal & General, Britain’s biggest money manager with £1.3 trillion
of assets, has said it is focused on supporting other “viable, and
cost-effective” {?] clean [?] energy solutions. 

French state energy giant EDF
owns Britain’s nuclear fleet but will need outside investors to build its
planned Sizewell C project in Suffolk. The Government and EDF have pushed
China’s CGN out of the project amid concern about China’s involvement in
critical national infrastructure.

Telegraph 30th April 2023

https://www.telegraph.co.uk/business/2023/04/30/gulf-states-poised-to-bail-britain-out-of-energy-crisis/

May 3, 2023 - Posted by Christina Macpherson | marketing, MIDDLE EAST, UK