France welcomes UAE investments in nuclear industry

France’s finance minister, Bruno Le Maire, expressed openness to United Arab Emirates (UAE) investments in its nuclear energy sector ahead of discussions with UAE officials, Reuters reported on Tuesday.

Sources disclosed in March that the UAE had approached several European countries regarding investments in their nuclear power infrastructure through its state nuclear power company.

Le Maire stated he would explore whether the Gulf state was interested in investing in France’s nuclear industry during his visit to the UAE. He highlighted potential investment avenues, including private companies like nuclear fuel specialist Orano, which is predominantly owned by the government.

“We are open to that kind of co-operation,” Le Maire remarked while in Abu Dhabi to formalise a strategic partnership on artificial intelligence.

The French state-controlled energy provider EDF is slated to construct and manage six new nuclear reactors in France, with the government offering tens of billions of euros in public financing.

Sources previously indicated that the UAE’s nuclear energy company aimed to be a minority investor in overseas nuclear power infrastructure assets without operational involvement.

Le Maire planned discussions with Khaldoon Al Mubarak, a close advisor to the UAE president and chairman of Emirates Nuclear Energy Corp., and Sultan Al Jaber, the UAE’s industry minister and CEO of Abu Dhabi’s state oil firm Adnoc.

France expressed readiness to assist the UAE in expanding its nuclear power industry, with sources revealing in April the UAE’s plans to construct four new nuclear reactors.

In 2021, the UAE became the first Arab state to operate a nuclear power plant with the inauguration of the Barakah facility in Abu Dhabi.