Regional stock market indices Regional currency rates United Arab Emirates buys French nuclear reactors The United Arab Emirates will be signing agreements with French companies Areva, Total and Suez to build two third-generation nuclear plants for civilian use. The deal comes during French president Nicolas Sarkozy’s visit to the region. UAE authorities who have been in talks with Areva confirmed their preference to sell their oil, which is trading at close to $100/barrel, rather than use it for electricity production. Areva has already signed power transmission agreements worth $1.15 billion with Qatar. The Gulf Cooperation Council is also in talks with the UN Atomic Energy about developing a joint nuclear energy program. Saudi National Bank recommends diversification from the dollar Saudi Arabia’s largest state bank, National Commercial Bank (NCB), urged the government to reduce the kingdom’s exposure to the dollar by diversifying government investments across asset types, countries and currencies
