GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >> Banking and Investments

 
  Share
  • H.E. Khaled Abdulla Al Qubaisi appointed Chairman of the Board

Abu Dhabi, UAE, 16 March 2017: The Barakah One Company (BOC), a subsidiary of the Emirates Nuclear Energy Corporation (ENEC) and the Korea Electric Power Corporation (KEPCO), held its first General Assembly today and announced the members of its Board of Directors. Led by the Chairman of the Board, H.E. Khaled Abdulla Al Qubaisi, BOC is responsible for the commercial and financial interests of the Barakah project.

The Board members of Barakah One Company are:

  • H.E. Khaled Abdulla Al Qubaisi, Chairman
  • H.E. Mohamed Al Hammadi, Vice Chairman
  • H.E. Khalifa Al Suwaidi, Member
  • H.E. Mohammed Sahoo Al Suwaidi, Member
  • Mr. Park Jong Hyuck, Member

Established as a Joint Venture Company, BOC is a part of ENEC's new corporate governance structure that will lead the delivery and long-term sustainability of the UAE's Peaceful Nuclear Energy Program. Its mandate is to manage the commercial interests of the Barakah project, secure project finance from institutional and commercial lenders and receive funds for the electricity generated from Units 1 to 4 in Barakah. The Board will govern the performance of the company and ensure the senior leadership team maintain, and are held accountable, for the responsible financing of the UAE's first nuclear energy plant and future industry.

“The announcement of our Board of Directors at our first General Assembly is a significant milestone in the UAE Peaceful Nuclear Energy Program,” said H.E. Khaled Abdulla Al Qubaisi, Chairman of the Board of Barakah One Company. “With the establishment of Barakah One, we entered the final stages of realizing the goals and objectives of the Barakah project, issued almost a decade ago. We are pleased to have the government of the Republic of Korea and ENEC's Prime Contractor, KEPCO, as long-term strategic partners as we turn our vision into reality.”

Nasser Al Nasseri, Barakah One CEO, said: “In October of 2016, ENEC and KEPCO announced the establishment of Barakah One, the result of a Joint Venture Agreement designed to capitalize on KEPCO's 40 plus years of nuclear experience. As a world-class energy company, Barakah One will ensure the delivery and long-term sustainability of the UAE Peaceful Nuclear Energy Program by applying international best practices and standards to the financing and management of the Barakah project's commercial interests.”

In November 2016, BOC signed the first nuclear energy Power Purchase Agreement with Abu Dhabi Water and Electricity Company (ADWEC) for the purchase of the electricity to be generated at the Barakah Nuclear Energy Plant. The agreement establishes the contractual framework between the two entities for nuclear-generated safe, clean, efficient and reliable electricity produced at Barakah.

The Barakah project is progressing steadily. Construction began in 2012 and Unit 1 is now more than 94% complete and all four units are more than 76% complete. Once the four reactors are online, the facility will deliver up to a quarter of the UAE's electricity needs.


Posted by : GoDubai Editorial Team
Viewed 3617 times
Posted on : Thursday, March 16, 2017  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story :
Next Story :
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
Middle East and African beauty and personal care market to grow to US$34.5 billi...
Chloé eyewear introduces the new "Nola" sunglasses collection
IKEA Introduces Limited Edition ‘Art Event 2017' Contemporary Drawing Collection
Dubai Design & Fashion Council Launches DDFC Membership to Support Sustainable D...
TRESemme Hair Academy Launches in Arabia with Georges Mendelek and Alanoud Badr
Nautica Spring 2017 Collection
Global Innovations on its first day of success during the Arabian Travel Market 2017
Paule Ka Launches New Fall/Winter 2017 Collection in Dubai
Win up to 30 Kilos of Gold in 18 Days at Malabar Gold & Diamonds
Mövenpick Hotels & Resorts' Pakistan Presence Blooms as Firm Signs New Prop...
Tame Your Beard with The Art Of Shaving
Alice + Olivia by Stacey Bendet takes over the W Café Doha
Al-Futtaim Motors launches the UAE's first hybrid truck
ArabianTravel Market: New partnerships and tailored services for Middle Eastern ...
MASSIMO DUTTI SS17 inspires an essential piece for Massimo Dutti women
ESCADA Amelia - Diamond timepiece
H.H. Sheikh Ahmed lays foundation stone of Silicon Mall at Dubai Silicon Oasis
Michael Kors Collection Transeason 2017
Denim Days with GUESS and F&F
French Label ba&sh Launches Stunning Capsule Collection
Godiva Ice Cream
Dubai to welcome largest Arabian Travel Market yet
Taima Abdullah Al Omari Crowned Winner of Arab Reading Challenge in Kuwait
8 Reasons Why you will never drink green tea again
Joyalukkas Opens a world of choice in Al Ahsa
Jewel Corner Opens Kiosk In The Heart of Sharjah, At Mega Mall
Schneider Electric Opens Submissions for Seventh Edition of International Studen...
Malabar Gold & Diamonds opens its 175th showroom in Nagercoil, Tamil Nadu, India
Doha Bank achieves 2.9% profit growth with impressive ratios
Dubai Municipality Opens First UAE Foodbank Branch
Chronoswiss Flying Regulator Wins Coveted Red Dot Design Award
Empower highlights the importance of district cooling to real estate developers ...
Sheikh Nahayan Mabarak Al Nahayan Inaugurates 18th Annual Regional Audit Conference
MG E-motion Concept Makes World Premiere at the 17th Shanghai International Auto Show
World Premiere – New BOVET Timepiece
DC PRO Engineering CEO Maps Out Plan for Greener Earth at the 2017 District Cool...
Raymond Weil Presents its First in-house Movement - CALIBRE RW1212
Roderer's RFID-blocking wallets
The 2nd edition of Modern Woman Show opens at Dubai World Trade Centre
Mobile Doctors 24-7 introduces unique digital healthcare solution as part of Dub...
Get the pageant body with A-Tone Fitness Lounge, official fitness partner to the...
Introducing the First Collection of Luxurious Oriental Scents from Juicy Couture
TAG Heuer announces its partnership with Dubai at Arabian Travel Market 2017
Dubai Chamber opens eighth representative office in Brazil
Dubai Customs signs cooperation agreement with BUiD, and unleashes innovation
Al Maryah Island to Showcase its Hospitality, Dining and Celebrations Offering a...
Third Edition of TOP CEO Awards 2017 Announces Winners
Masdar Institute Professor Wins Khalifa Award for Education 2017
The Interoperable Global Trust Federation Accredits DarkMatter's PKI Operations ...
AUD Wins Microsoft's UAE Imagine Cup 2017