The Buzz | China, United Arab Emirates to launch USD10 billion fund

China and the United Arab Emirates have agreed to launch a USD10 billion joint strategic investment fund.
Emirati state news agency WAM said the accord was one of several bilateral agreements signed in Beijing this week 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.
The fund will support development in sectors of mutual interest, such as conventional and renewable energy, infrastructure, technology and advanced manufacturing.