The Emirates Nuclear Energy Corporation (ENEC) has selected Credit Suisse to act as financial advisor for the UAE's planned nuclear energy project, an ENEC spokesman said on Wednesday.
The UAE, the world's third-largest oil exporter, plans to build four nuclear reactors with a combined capacity of 5,600 megawatts, in an effort to meet growing energy demand.
"Credit Suisse has been selected to be the financial advisor for ENEC," the spokesman told Reuters.
He said ENEC was also in talks with HSBC over the possibility of appointing the bank as another financial advisor, but gave no details on how the project would be financed.
"We are still exploring all the options," the spokesman said.
In December, ENEC awarded a South Korean consortium a deal worth up to $40 billion to build and operate what could become the Arab world's first nuclear energy complex.
Of the total amount, the UAE awarded a $20 billion contract to build the reactors to a consortium of Korean companies including Korea Electric Power Corporation (Kepco), Hyundai Engineering & Construction, Samsung C&T and Doosan Heavy Industries.
Jointly operating the complex could net the consortium another $20 billion over 60 years.
The UAE has said it would build more reactors if power demand warranted, and the South Korean consortium has said it hopes to win the contract for additional plants.
UAE officials have estimated that annual peak demand for electricity is likely to rise to more than 40,000 megawatts by 2020, reflecting cumulative annual growth of about 9 percent.
Abu Dhabi, which is driving the UAE's nuclear programme, is home to about 95 per cent of the country's hydrocarbons resources. (Reuters)For all the latest UAE news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.