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Monday, 13 February 2017

On the horizon

Egypt, welcome to the 1950s: It looks like we’ve made it to the nuclear age, with the Electricity Ministry expected to officially announce and discuss the details of the USD 25 bn Daba’a nuclear power plant in a conference from the site of the plant in Matrouh on Saturday 25 February, Al Borsa reports. The ministry is holding several meetings with representatives of Russia’s Rosatom this week to discuss the final details of the contracts for the project, which should be finalized during March and signed shortly after. The announcement will be accompanied by the standard “national dialogue,” where the ministry will meet with members of parliament and other groups to discuss the project.

Our take: If contracts for Daba’a are finalized and signed in March, look for an announcement on the resumptions of flights to Egypt from Russia shortly thereafter.

Sound smart: The first nuclear power plant to produce electricity for commercial use was APS-1 in Obninsk, USSR. The plant came online on 26 June 1954.

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