The United Arab Emirates has formally set up Emirates Nuclear Energy Corporation (ENEC) to oversee the implementation of nuclear power program, stated the state news agency WAM. The body would be responsible for awarding the multi-billion dollar contracts for addressing the electricity needs of the region.

The move has already been approved by President Sheikh Khalifa bin Zayed al-Nahayan while prime contractor is yet to be short-listed. WAM further stated, "ENEC is now in the final stages of negotiating with teams of contractors who are bidding to design, build and help operate the plants. Actual construction will commence in 2012."

Reputed firms have shown interest in the nuclear energy production program which includes General Electric Co, Toshiba Corp's subsidiary Westinghouse Electric, Samsung C&T Corporation, Korea Electric Power Corp and Hyundai Engineering and Construction.

A French consortium led by EDF and GDF Suez is also reported to be in the race. ENEC's CEO Mohamed al-Hammadi added, "We are confident that we can develop this technology safely and efficiently, and begin producing electricity for the homes, businesses and people of the UAE in 2017."