Page 27 - bne IntelliNews monthly magazine May 2024

bne May 2024 Companies & Markets I 27
By the end of the day, over 142 mm of rain had fallen on Dubai within 24 hours.
On average, Dubai International Airport (DXB), considered the world's busiest for international travel and a hub for Emirates Airlines' long-haul flights, receives 94.7 mm of rain annually.
At the airport, long queues formed for taxi cabs, with passengers scattered around mostly sleeping while waiting for their delayed flights.
Amid the storms, the airport suspended operations for 25 minutes in the afternoon and was forced to divert incoming flights for about two hours before gradually resuming arrivals.
Karen, a tourist from the UK, wrote on her social media page that the situation at the airport was perilous on April 16, with many vehicles abandoned by their owners.
“Lots of abandoned vehicles up to their roof with water. We made it to the airport, but check-in closed,” the British tourist said on her social media page.
Residents stuck due to flooded streets
Many roads remain closed due to rainwater accumulation, with bne IntelliNews’ correspondent trapped inside their apartment building as flood waters in the central areas of the city emirate have not yet receded.
Videos circulated on social media also showed vehicles stranded on a highway connecting the emirate of Sharjah to Abu Dhabi via Dubai.
Another expat, Patrick who asked not to use his second name, in Abu Dhabi, witnessed flooding in his apartment building
Speaking with bne IntelliNews, he said, “[It] was nuts though. We had flooding on the 29th floor. Not something I ever expected!”
A man died in the emirate of Ras Al Khaimah, where the emirate's police wrote on X: "A citizen in his seventies died after his vehicle was swept away by floodwaters while trying to enter Wadi Asfani in Ras Al Khaimah."
Oman hit the hardest across Gulf
It pointed out that the "highest amount of rainfall was recorded in the Khatt Al Shaklah area in Al Ain (in Abu Dhabi), where it reached 254.8 mm in less than 24 hours.
The National Center of Meteorology announced that the UAE witnessed, on April 17, the largest amount of rainfall since the beginning of climate data recording in 1949, predating the country's establishment in 1971.
Meanwhile in neighbouring Oman, 302mm of rain was recorded by the national meteorology organisation.
Oman was hit with a deluge hitting significant parts of the Arabian peninsula country, with at least 19 people reported to have died in the floods that swept several locations.
Authorities across the region warned of a potential for further heavy rain in the coming hours, with strong winds also expected.
Poland's first nuclear plant may carry €35bn price tag
bne IntelliNews
Poland's ambitious plan to build its first nuclear power plant comes with a hefty price tag. The project's estimated cost could reach PLN150bn (€34.6bn), according to Jan Chadam, the acting head of Poland's nuclear power SPV Polskie Elektrownie Jadrowe (PEJ).
Construction on the Baltic Sea coast is scheduled to begin in 2026, with the first unit coming online in 2033. Two additional units are expected to follow within the next three years. US companies Westinghouse and Bechtel are leading the project.
"We don't have the final value of this project, but one can imagine that it will probably be around PLN150bn," Chadam
said at the Europower conference, according to PAP.
Financing details, particularly securing debt, are still being worked out. PEJ is seeking assistance from financial advisors to attract global investors.
"We are, of course, counting on the participation of Exim, which supports all US export projects," Chadam pointed out, referencing the US Export-Import Bank.
Potential delays add another layer of uncertainty. Chadam acknowledged that the project is unlikely to meet its initial timeline.
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