Korea Group Bests GE for UAE Nuke Pact - TheStreet

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.