The United Arab Emirates and China have agreed to create a US$10 billion co-investment fund, Bloomberg reported, citing the UAE’s state-run WAM news agency. The new UAE-China Joint Investment Cooperation Fund will be managed by Mubadala Development Co., China Development Bank Capital and China’s State Administration of Foreign Exchange. The agreement, signed by Crown Prince Sheikh Mohammed bin Zayed Al Nahyan during a visit to China, has the two sides providing equal funding for investments in conventional and renewable energy, infrastructure, technology and advanced manufacturing. After India, China is the UAE’s second largest trade partner.
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