Abu Dhabi’s state-run atomic power company, Emirates Nuclear Energy Co. (ENEC), is preparing to invest in the French-Italian operator Newcleo. This decision follows the signing of an agreement during a visit to Rome by UAE President Sheikh Mohamed Bin Zayed Al Nahyan.

ENEC aims to pursue a direct investment through private funding, alongside a co-investment strategy for Newcleo’s lead-cooled fast reactor projects in Europe. Sources familiar with the situation indicate that the total value of the deal could reach as high as €500 million, equivalent to approximately $523 million. Binding agreements are anticipated to be finalized within the next four months.

During President Al Nahyan’s visit, Italian Prime Minister Giorgia Meloni announced that the UAE plans to invest $40 billion in Italy. Abu Dhabi is the capital of the UAE, which is made up of seven emirates. A representative from Newcleo declined to provide comments, and inquiries directed to ENEC were not answered.

In an interview with Bloomberg in January, ENEC’s Chief Executive Officer, Mohamed Al Hammadi, stated that the company is in discussions to develop projects globally. This move comes after ENEC successfully completed the Arab Gulf’s first nuclear plant last year. The UAE recently activated the final reactor at its Barakah nuclear power station in 2024, marking its commitment to achieving net-zero emissions by 2050, a target set several years ago.

Newcleo, established in 2021, specializes in the development of small, liquid lead-cooled reactors that utilize reprocessed nuclear waste as fuel. To date, the company has secured approximately €537 million in private funding.