The financing for the UAE’s first nuclear power project is still not yet signed as the deal awaits final approval from the Abu Dhabi Executive Council, the emirate’s highest decision-making authority.

Debt funding for the $30bn project has been reduced dramatically at the request of the Abu Dhabi government, and sources close to the deal say everything has been finalised from the perspective of the banks and export credit agencies (ECAs) involved.

The banks funding the project are understood to be the UK’s HSBC and Standard Chartered, and the local National Bank of Abu Dhabi, Union National Bank and First Gulf Bank. The ECAs are the Export Import Bank of Korea (Kexim) and the Export Import Bank of the US (US Exim).