UAE, China to set up $10bn joint strategic investment fund

The UAE and China have launched a joint strategic investment fund worth $10 billion, the two countries said in a joint statement on UAE state news agency Wam.

The fund will be administered and managed by Abu Dhabi state fund Mubadala and a subsidiary of China Development Bank, the statement said.

The goal behind the fund’s launch, in which both parties are providing equal financing, is to build a balanced fund that incorporates diversified commercial investments and covers a spectrum of growing sectors.

More to follow.

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