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

  • 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 5966 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 : Experts Recommend Financial Institutions to Anticipate Potential Challenges of Digital Economy at EI...
Next Story : Dubai Ranks First Among Islamic Economy Enabling Free Zone Cities Around the World
Email this article Print this article

Share this article with your friends and followers


Back to Top  
Most Viewed Press Release posted in the last 7 days
Top Perfume Picks for Mother's Day @ Glambeaute.com
Filorga Launches Lift Range
Nissan's e-POWER technology wins environmental award
The Global Sensation UFO Lands in Europe at Cosmoprof 2018
Discover the MISA Cho Gong Jin Oriental and Herbal Skincare Range from Missha
Max launches its Inaugural Abaya Collection
Drink yourself to looking younger with Skinade
Mother's Day Offer from Blush N Curls Salon
It's Mother's Day!
The V-Tox Facial by Linda Meredith Skincare
Corporate Power Dressing redefined at Kachins Signature
Al-Futtaim Honda launches 10th generation Honda Accord
GMC sets a new GUINNESS WORLD RECORDS title in partnership with Abu Dhabi Police
LULU Organic Food Activation
The only line you'll love in your face – your perfect jawline!
ba&sh's Spring-Summer collection 2018
OMEGA Launches its NATO Strap “Pop-Up Boutique” in Paris
Raymond Weil introduces the Maestro Blues
Cadillac Alghanim kicks off world-class opportunity in Kuwait
GUESS Unveils the Kids Spring 2018 Collection and Campaign
A Meet & Greet with the Pakistani Cricket Sensation Umar Akmal
Milan-san Remo a Dream Target as Uae Team Emirates Announce Super-seven Line Up
The Spring Summer 18 Womenswear Collection
Beyond Beauty partners with Platinum Records to position teen sensation Hala Al ...
Awqaf and Minors Affairs Foundation Attracts 1200 Emirati Job Seekers at Careers...
Join the UAEs first Women's Warrior Challenge.
Samsung Mother's Day Blurbs 2018
Her Highness Sheikha Latifa bint Mohammed bin Rashid Al Maktoum Inaugurates SIKK...
Scuderia Ferrari Father & Son Gift Set
Sanofi introduces innovative therapy to help address high unmet medical needs of...
UAE's first ICU Symposium attracts over 150 of GCCs top healthcare professionals
Top Picks for Babies & Kids @ Glambeaute.com
From Jade to Diamond
SOUQ welcomes 3M's innovative products to serve everyday customer needs
10th Emirates Airline Festival of Literature Ends with a Bang!
Velvet Caviar meets Roger Dubuis Diva power
Lufthansa Group achieves best result in its history
IKEA launches the OMEDELBAR limited-edition collection!
Centrepoint Partners With Anghami To Launch New Talent Sessions
Alexey Firsov Solo Exhibition
Agreement signed in the presence of His Highness Sheikh Mohammed Bin Zayed Al Na...
Dubai ranked amongst the world's top destinations for FDI in the real estate market
Business of beauty goes green at Beautyworld Middle East 2018 as Natural & Organ...
2XL launches “Caspar” living room collection in grey
Dubai WoodShow takes off with more than 300 exhibitors from 55 countries and six...
10 Must-see Activities at Dubai International Horse Fair This Week
Chloé Reinterprets the Iconic “Carlina” Sunglass With an Exclusive Twist Motif
Galeries Lafayette Le Gourmet Food Fest returns back to City Walk
24,208 school pupils take part in inspirational ‘lema?' sessions