China, United Arab Emirates agree to launch $10 billion joint strategic investment fund
{{#rendered}} {{/rendered}}
China and the United Arab Emirates have agreed to launch a $10 billion joint strategic investment fund.
Emirati state news agency WAM said 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.
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.
{{#rendered}} {{/rendered}}
Emirati Minister of State Sultan al-Jaber says the fund will support development in sectors of mutual interest, such as conventional and renewable energy, infrastructure, technology and advanced manufacturing.