UAE denies $40 bln nuclear contract award imminent

The United Arab Emirates denied on Tuesday that it was days away from awarding the largest ever energy contract in the Middle East for the development of a nuclear power plant.

The denial came after industry sources told Reuters that the UAE was on the verge of naming a winner for the contract to build at least four reactors, which consultancy Eurasia Group estimates may cost as much as $40 billion.

A government official familiar with the negotiations said “the UAE is not days away from awarding this contract. The process is still ongoing.”