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), 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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