ENEC enters joint venture with KEPCO
The Emirates Nuclear Energy Corporation (ENEC) and the Korea Electric Power Corporation (KEPCO) have signed an agreement for a long-term partnership and cooperation for the UAE’s Peaceful Nuclear Energy Program.
KEPCO, the Prime Contractor for the Barakah Nuclear Energy Plant currently under construction in the Western Region of Abu Dhabi, has been working with ENEC since 2009 to deliver nuclear energy to the UAE grid.
ENEC and KEPCO also announced the establishment of Barakah One PJSC, an independent subsidiary owned by both companies, which will represent the commercial and financial interests of the Barakah project. Under the agreement, KEPCO will take an 18 percent stake in Barakah One, with ENEC as the majority owner of the remaining 82 percent. Nasser Al Nasseri, previously Chief Financial Officer of ENEC, has been appointed Acting Chief Executive Officer of Barakah One.
The agreement also entitles KEPCO to receive an 18 percent stake in ENEC’s subsidiary Nawah Energy Company (Nawah) and ENEC will remain as majority owner of the remaining 82 percent of the company. Nawah was established in May 2016 and is the entity mandated to operate and maintain Barakah Units 1 to 4.
Khaldoon Al Mubarak, Chairman of the Board of Directors of ENEC, commented: “This is a significant milestone in the history of the UAE Peaceful Nuclear Energy Program. The Joint Venture Agreement is an unprecedented partnership between two countries in the field of nuclear energy and is designed to further enhance our joint capacity to develop and operate a peaceful nuclear energy program in adherence to the highest standards of safety, quality, security and operational transparency.”
The Barakah Nuclear Energy Plants are scheduled for completion in 2020, with construction having started in 2012 following regulatory approval.
Read the November 2016 issue of Business Review Middle East magazine
5 minutes with... Janthana Kaenprakhamroy, CEO, Tapoly
Founder and CEO of award-winning insurtech firm Tapoly, Janthana Kaenprakhamroy heads up Europe’s first on-demand insurance platform for the gig economy, winning industry awards, innovating in the digital insurance space, and leading with inclusivity.
Here, Business Chief talks to Janthana about her leadership style and skills.
What do you do, in a nutshell?
I’m founder and CEO of Tapoly, a digital MGA providing a full stack of commercial lines insurance specifically for SMEs and freelancers, as well as a SaaS solution to connect insurers with their distribution partners. We build bespoke, end-to-end platforms encompassing the whole customer journey, but can also integrate our APIs within existing systems. We were proud to win Insurance Provider of the Year at the British Small Business Awards 2018 and receive silver in the Insurtech category at the Efma & Accenture Innovation in Insurance Awards 2019.
How would you describe your leadership style?
I try to be as inclusive a leader as possible. I’m committed to creating space for everyone to shine. Many of the roles at Tapoly are performed by women and I speak at industry events to encourage more people to get involved in insurance/insurtech. Similarly, I always try to maintain a growth mindset. I think it’s important to retain values to support learning and development, like reliability, working hard and punctuality.
What’s the best leadership advice you’ve received?
Build your network and seek advice. As a leader, you need smart people around you to help you grow your business. It’s not about personally being the best, but being able to find resources and get help where needed.
How do you see leadership changing in a COVID world?
I think the pandemic has proven the importance of inclusive leadership so that everyone feels supported and valued. It’s also shown the importance of being flexible as a leader. We’ve had to remain adaptable to continue delivering high levels of customer service. This flexibility has also been important when supporting employees as everyone has had individual pressures to deal with during this time. Leaders should continue to embed this flexibility within their organisations moving forward.
They say ‘from every crisis comes opportunity’, what opportunities do you see?
The past year has been challenging, but it has also proven the importance of digital transformation in insurance. When working from home was required, it was much harder for insurers to adjust who had not embedded technology within their operating processes because they did not have data stored in the cloud and it caused communication delays with concerned customers at a time when this communication should have been a priority, which ultimately impacts the level of customer satisfaction. This demonstrates the importance of what we are trying to achieve at Tapoly in driving digitalisation in insurance and making communication between insurers and distribution partners seamless.
What advice would you give to your younger self just starting out in the industry?
Start sooner, don’t be afraid to take (calculated) risks and make sure you raise enough money to get you through the initial seed stage.