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Korea Group Bests GE for UAE Nuke Pact

ABU DHABI ( TheStreet) -- A South Korean consortium has won a $20.4 billion nuclear power contract from the United Arab Emirates, the first such award by a Gulf Arab nation.

The winning consortium includes Korea Electric Power (KEP - Get Report), Hyundai Engineering and Construction, Samsung and Doosan Heavy Industries.

Other bidders included a consortium of French companies -- Areva, Total (TOT - Get Report) and GDF Suez and another consortium of U.S. and Japanese companies including General Electric (GE - Get Report) and Hitachi (HIT), the Financial Times reports.

The contract involves the design, construction and operation of four 1,400- megawatt units. The first unit will produce electricity in 2017 while the other three will be online by 2020, according to a statement issued by Emirates Nuclear Energy Corp.

General Electric declined to comment for the Wall Street Journal on its failed bid.

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GE $26.92 -1.28%
KEP $21.74 -0.64%
TOT $53.15 -1.13%
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