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), Hyundai Engineering and Construction, Samsung and Doosan Heavy Industries.
Other bidders included a consortium of French companies -- Areva, Total (TOT) and GDF Suez and another consortium of U.S. and Japanese companies including General Electric (GE) 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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