A price tag of $30bn has been put on the United Arab Emirates’ nuclear programme, which it is developing with Korea Electric Power Corp.

The UAE wants to build four new reactors in a joint venture between Emirates Nuclear Power Corp and the South Korean utility. If the plants are completed as planned between 2017 and 2020 it will make the UAE the first nation in the Gulf with nuclear power.

According to news agency Bloomberg, unnamed sources close to the project said it would be funded with $10bn equity from Abu Dhabi, $10bn from mainly South Korean export-credit agencies and the remaining $10bn via a mix of sovereign debt and bank financing.

The financing structure of the programme is set to be in place by March next year.