France welcomes UAE investments in its nuclear industry, minister announces

France Welcomes UAE Investments in Nuclear Energy Industry, Says Finance Minister

ABU DHABI: France is open to the United Arab Emirates investing in its nuclear energy industry, its finance minister said on Tuesday ahead of discussions in the Gulf state with UAE officials.

Sources told Reuters in March that the UAE had approached several European countries about investing in their nuclear power infrastructure via its state nuclear power company. This outreach signals the UAE’s growing interest in expanding its influence and capabilities in the nuclear energy sector, aligning with its broader strategy to diversify its energy resources and strengthen international partnerships.

Finance Minister Bruno Le Maire told reporters in Abu Dhabi that he would have discussions in the UAE to see whether the Gulf state was interested in investing in France’s nuclear industry. He emphasized the potential for mutually beneficial cooperation between the two nations, highlighting the strategic importance of such investments in bolstering energy security and advancing technological innovation.

He said there were many possibilities for how the UAE could invest, including in private companies such as nuclear fuel specialist Orano, which is majority-owned by the French government. This investment could encompass various forms, from equity stakes to joint ventures and technology transfer agreements, thereby enhancing the UAE’s capabilities while supporting the growth of France’s nuclear sector.

“We are open to that kind of cooperation,” Le Maire said, underscoring France’s readiness to explore diverse avenues of partnership. This openness reflects France’s broader economic strategy to attract foreign investment and foster international collaborations in high-tech industries.

Le Maire was due to hold talks with Khaldoon Al Mubarak, a close confidant of the UAE president, managing director of the Abu Dhabi government fund Mubadala, and chairman of the UAE’s state nuclear energy company, Emirates Nuclear Energy Corp. This meeting is expected to explore specific investment opportunities and collaborative projects that could benefit both nations.

He was also scheduled to separately meet with Sultan Al Jaber, the UAE’s Minister of Industry and Advanced Technology, and chief executive of Abu Dhabi state oil company Adnoc. These discussions aim to extend beyond the nuclear sector, potentially covering broader industrial cooperation and technological advancements, further solidifying the strategic partnership between France and the UAE.

The French finance minister was in Abu Dhabi to sign a strategic partnership with the UAE on artificial intelligence. This agreement is part of a broader initiative to enhance bilateral cooperation in cutting-edge technologies, promoting innovation, and fostering economic growth in both countries.

Le Maire said France was also willing to provide the UAE with assistance if the Gulf state decides to expand its own nuclear power industry. Sources told Reuters in April that the UAE was planning to build four new nuclear reactors, indicating its commitment to becoming a regional leader in nuclear energy.

“If there is any possibility to extend the cooperation to the UAE in the nuclear field, we stand ready for that,” he said, reaffirming France’s commitment to supporting the UAE’s nuclear ambitions. This support could include providing expertise, technology, and training to help the UAE achieve its energy goals.

The UAE, a US security partner, became the first Arab state to operate a nuclear power plant when in 2021 it opened the South Korean-built Barakah facility in Abu Dhabi. This milestone underscores the UAE’s growing capabilities and ambitions in the nuclear sector, setting a precedent for other countries in the region. The Barakah facility, which currently has one reactor in operation, is expected to have a total of four reactors, significantly contributing to the UAE’s energy mix and reducing its reliance on fossil fuels.