Areva wins 200-million-euro Dubai contract
(PARIS) - French nuclear energy giant Areva said Monday it would supply Dubai with 11 electricity substations for 200 million euros (286 million dollars), as the emirate grapples with a serious debt crisis.
"The order is the largest ever for Areva T&D (Transmission and Distribution) in the United Arab Emirates," Areva said in a statement.
Philippe Guillemot, chief executive of Areva T&D, called it a "prestigious contract" that would strengthen his company's presence in the region.
The contract is for 11 gas-insulated substations (GIS).
Dubai's economy has grown at a rapid rate in recent years, on the back of a real estate boom, but it was hard hit by the global economic crisis which caused a shortage in available finance for the emirate's ambitious projects.
Also on Monday, a German property developer announced plans to build luxury villas and hotels in Dubai despite the situation in the Gulf emirate, which is negotiating to restructure huge debts incurred by state-owned Dubai World.
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