France to build nuke reactors in Saudi Arabia

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France to build nuke reactors in Saudi Arabia

France and Saudi Arabia have reached an agreement on conducting feasibility studies to build two flagship Areva-designed nuclear reactors as the two allies firm up business ties amid tensions across the region.

The countries set up a joint committee in May to finalise some 20 projects across sectors ranging from defence to transport infrastructure and civil aviation over the coming months worth billions of euros.

“We are about to sign deals worth $12 billion,” French Foreign Minister Laurent Fabius told a news conference ahead of a ceremony between President Francois Hollande and Saudi Deputy Crown Prince Mohammed bin Salman.

France has been able to nurture new links with the Gulf region due to its tough stance on Iran, similar positions on conflicts across the Middle East and in the face of what some Gulf countries perceive as disengagement on the part of traditional ally the US.

Few new contracts were announced on Wednesday, with the core deal being the reiteration of a firm Airbus order made at the Paris air show last week by Saudi Arabian Airlines worth $8 billion at list prices.

The reactor feasibility studies could signal an opening of the Saudi market for French nuclear group Areva, which has struggled to win export contracts. It lost a key tender in the Middle East in late 2009 when the UAE picked a consortium of Korean companies to build the Gulf Arab region’s first nuclear power station.

“We have enabled our partnership to take a significant step forward,” a senior French diplomat said, adding that France was the first country to sign such an agreement with the kingdom.

The Saudis also signed a nuclear waste disposal contract and a nuclear safety accord on Wednesday.

Like other Middle Eastern oil producing countries, Saudi Arabia is looking to nuclear and solar energy in order to minimise domestic oil and gas consumption.

Saudi Foreign Minister Adel al-Jubeir said talks were ongoing on price for a contract for French naval patrol boats built by DCNS, partly owned by Thales.

The two sides are aiming to finalise the majority of deals under discussion in October. “Our ties are excellent, historic and strategic,” Jubeir said. “We are trying to take them even higher.”-Reuters

France has already won about $15 billion of defence contracts in the region over the last year.-Reuters

Source and Link: Trade Arabia

Moving Abroad Checklist

Initial Considerations

Will your partner be travelling with you?

If so, what will they be giving up in your present home and will they be able to continue with their career in your new home? You will need to check whether a separate visa is required for your partner to work or if your visa gives that right. If they are unable to work you will need to decide on the effect on your finances and what alternatives are available to give a fulfilling life (home business, training, voluntary work).

Are you taking family with you?

Moving with family raises many exciting opportunities, but also can create challenges. The HSBC Expat Explorer survey indicates that expat kids can take six months to settle in to their new country (see article). Getting young or even older children to prepare to move and leave their friends and family behind can be a challenge and should be thought through.

The options for education is another area that needs to be thought through.

Moving your child to a new country with a different education system can be a great opportunity to broaden their experience, but if they are close to key exams the timing can make this inadvisable. If you do take your family with you, it is important to decide between joining the local school system or choosing an international school.

Where will you be living?

Whether you will be living in a house or apartment, furnished or unfurnished, these decisions will affect what you need to take with you. The time you are planning to live overseas will also affect whether you should leave your property at home empty, rent it out or sell it. See the article Sell, Store or Ship.