UAE eyes european nuclear energy investments amid diversification drive

UAE investing in Europe: United Arab Emirates (UAE) is making bold strides into European nuclear energy domain, signalling interest in potential investments in region's nuclear power infrastructure. Sources familiar with matter disclosed that UAE has initiated discussions with European counterparts, including UK, intending to secure a stake in ir nuclear assets.

Under lens is Emirates Nuclear Energy Company (ENEC), a state-owned entity backed by Abu Dhabi's Q, which seeks to establish itself as a global player in nuclear energy arena. ENEC's strategy revolves around acquiring minority shares in European nuclear projects, leveraging its financial prowess to drive international partnerships.

While specific details of talks remain confidential, discussions coincide with UK's quest for private investment in pivotal projects such as Sizewell C, led by EDF. move aligns with UAE's broer economic diversification agenda, as Gulf nation aims to reduce its reliance on tritional fossil fuels.

recent memorandum of understanding on civil nuclear cooperation between UAE and UK inked during U.N. climate summit in Dubai, underscores shared commitment to vancing sustainable energy solutions.

Despite potential financial infusion from UAE investors, involvement of state-backed entities in critical infrastructure projects has raised eyebrows in some quarters. Recent scrutiny in UK surrounding foreign state investments underscores political sensitivity surrounding such deals.

Noneless, ENEC's robust financial backing could provide a viable solution to investment challenges faced by nuclear projects in Europe. As continent grapples with divergent views on nuclear energy, UAE's entry into fray could offer a fresh perspective and inject momentum into efforts to meet ambitious climate goals.

With Reuters Inputs