Nuclear power and railway projects may help the United Arab Emirates’ (UAE) economy grow an average of 4% in 2010-2011, according to UAE’s central bank governor Sultan Bin Nasser al-Suwaidi.
“These projects are expected to add value and help expand other economic sectors,” he told a Singapore conference today.
The UAE government has heavily invested in nuclear power and railway projects in recent years. Last December it awarded a £16.6bn contract to a Korea Electric Power Corporation-led consortium to build nuclear power plants in the country.
It has also invested approximately £5.4bn in the 1,500km-long Emirates Railway, which which will extend from Abu Dhabi’s Western region through Dubai, Sharjah, Umm Al Quwain, Fujairah, Ras Al Khaimah and Ajman. Federal-owned Union Railways will commence construction on the project later this year.