Jordan is pressing ahead with plans for its first nuclear power plant despite concerns that private investors will be put off by regional instability.
The kingdom expects to receive bids next month from foreign partners to build its first reactor.
Eight companies had informally expressed interest in the project before political discontent began rocking the region, but that number could shrink, said an electricity official.
"Financing - it is one of the major challenges for our nuclear programme," said Bahjat Aulimat, the generation planning section head of National Electric Power, the state utility. "Some people may find it difficult to invest in such countries, especially after the unrest."
Jordan declared its desire to develop nuclear power in 2007 but has so far given out concessions only for uranium exploration and mining. The small nation's estimated 80,000 tonnes of uranium reserves, believed to be the 11th biggest in the world, are one of the few energy resources inside its borders apart from small amounts of natural gas and shale oil. The shale oil is currently under development. The kingdom spends the equivalent of 12 per cent of its GDP on energy imports.
"We have a good source of uranium," said Mr Aulimat, who was in Dubai for a conference on regional nuclear development. "We need to use these resources."
Jordan made clear its priority on nuclear power in February during a cabinet reshuffle. The then-minister of energy was replaced by Dr Khaled Toukan, a nuclear engineer and chairman of the Jordan Atomic Energy Commission.
Earlier that month Jordan had invited bids for a partner for the first nuclear plant.
Under the latest plan, Jordan would cover 25 to 51 per cent of the equity in a joint venture company created to build and run one or two 1,000 megawatt reactors. Those would be the first of as many as five proposed nuclear reactors, with the first scheduled to come online in 2020.
Just one reactor would be able to meet almost a quarter of Jordan's projected power demand, said Mr Aulimat.
About 70 per cent of the project would be financed by debt, with export credit agencies providing much of the funding, he said. Dr Toukan was not available for comment yesterday.
Such financing would echo the UAE's model for its nuclear programme, in which South Korea's export-import bank backed a large chunk of the US$20 billion (Dh73.46bn) required to build the plant.
ayee@thenational.ae
City's slump
L - Juventus, 2-0
D - C Palace, 2-2
W - N Forest, 3-0
L - Liverpool, 2-0
D - Feyenoord, 3-3
L - Tottenham, 4-0
L - Brighton, 2-1
L - Sporting, 4-1
L - Bournemouth, 2-1
L - Tottenham, 2-1
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013