ABU DHABI (
) -- 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
Hyundai Engineering and Construction
Doosan Heavy Industries
Other bidders included a consortium of French companies --
and another consortium of U.S. and Japanese companies including
( HIT), the
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.