China, UAE to launch $10 billion fund for development

    China, UAE to launch $10 billion fund for development

    Dec 14, Dubai: China and the United Arab Emirates (UAE) have agreed to launch a $10 billion joint strategic investment fund for development sectors of mutual interest of both countries.

    Emirati state news agency WAM said that the accord was one of several bilateral agreements signed in Beijing on Monday during a visit by the Abu Dhabi crown prince, Sheikh Mohammed bin Zayed Al Nahyan.

    According to the local news report, Abu Dhabi's government-backed Mubadala Development Company, China Development Bank Capital and China's State Administration of Foreign Exchange will manage the fund. Each country would contribute equal funding to the project.

    Emirati Minister of State Sultan al-Jaber said that the fund would support development in sectors of mutual interest, such as conventional and renewable energy, infrastructure, technology and advanced manufacturing.

    The Oslo Times


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