{"id":6299,"date":"2015-12-14T17:04:41","date_gmt":"2015-12-14T17:04:41","guid":{"rendered":"http:\/\/english.thesunrisetoday.com\/?p=6299"},"modified":"2015-12-14T17:04:41","modified_gmt":"2015-12-14T17:04:41","slug":"uae-and-china-set-up-10bn-joint-strategic-investment-fund","status":"publish","type":"post","link":"https:\/\/english.thesunrisetoday.com\/index.php\/uae-and-china-set-up-10bn-joint-strategic-investment-fund\/","title":{"rendered":"UAE and China set up $10bn joint strategic investment fund"},"content":{"rendered":"

\"UAE\"<\/a>The UAE and China have established a joint strategic investment fund worth $10 billion, the UAE\u2019s state news agency reported, as China pursues its ambition to rebuild Silk Road trade routes.
\nThe agreement was clinched during a three-day visit by Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed Al-Nahyan to China, and follows a cooperation deal between state-owned oil companies in both countries.
\n\u201cThe launch of this strategic fund with commercial goals builds on the next phase in our partnership in our quest to work in a close way to develop the economies of the two countries and take part in the growth of the global economy,\u201d Sheikh Mohammed was quoted as saying by the WAM news agency.
\nThe fund, which will be financed equally by both countries, will pursue a range of opportunities in various asset classes including greenfield projects, in which operational facilities are built from scratch.
\nThe report quoted Chinese president Xi Jinping as saying that \u201cthe fund will play a pivotal role in supporting the strategy of \u2018One Belt One Road\u2019.\u201d
\nAnnounced two years ago, the plan to rebuild Silk Road trade links with Europe and Asia aims to extend China\u2019s global influence through financing infrastructure projects in 65 countries and to win new markets for Chinese companies.
\nThe new fund will be administered and managed by Abu Dhabi state fund Mubadala on the UAE side. A subsidiary of China Development Bank and the State Administration of Foreign Exchange will act on Beijing\u2019s behalf.
\nThe fund joins others set up by the UAE and Abu Dhabi, the largest emirate in the country, to invest with different countries, including Russia and France.
\nIt also comes after China National Petroleum Corp. signed on Sunday a strategic cooperation agreement with Abu Dhabi\u2019s Mubadala Petroleum to collaborate on upstream oil and gas investment and related projects outside the UAE.
\nMeanwhile, Abu Dhabi\u2019s Masdar said it had agreed to work with parties including China Vanke and China Merchants New Energy Group for projects including real estate development and renewable power generation, according to a separate WAM report.<\/p>\n

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