China, United Arab Emirates To Launch $10B Fund

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.

The Associated Press
Dec 14, 2015
Abu Dhabi's Crown Prince and UAE Armed Forces Deputy Supreme Commander Mohammed bin Zayed Al Nayhan, left, talks with Chinese President Xi Jinping, center, during a signing ceremony at the Great Hall of the People in Beijing Monday, Dec. 14, 2015. (Fred Dufour/Pool Photo via AP)
Abu Dhabi's Crown Prince and UAE Armed Forces Deputy Supreme Commander Mohammed bin Zayed Al Nayhan, left, talks with Chinese President Xi Jinping, center, during a signing ceremony at the Great Hall of the People in Beijing Monday, Dec. 14, 2015. (Fred Dufour/Pool Photo via AP)

DUBAI, United Arab Emirates (AP) — 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.

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.

Latest in Global
Intuitive and Flexible Manufacturing ERP
Sponsored
Intuitive and Flexible Manufacturing ERP
May 1, 2024
Screenshot 2024 05 15 At 9 19 08 Am
The World’s Largest Direct Air Capture Plant Just Came Online
May 15, 2024
U.S. Trade Representative Katherine Tai speaks with reporters in the James Brady Press Briefing Room at the White House, Tuesday, May 14, 2024, in Washington.
U.S. Suggests Possible Penalties if Chinese EV Production Moves to Mexico
May 14, 2024
A worker assembles an SUV at a Li Auto plant, Changzhou, China, March 27, 2024.
Biden Hiking Tariffs on Chinese EVs, Solar Cells, Steel, Aluminum, Medical Equipment
May 14, 2024
Related Stories
A sign is seen outside the Activision building in Santa Monica, Calif. on Wednesday, June 21, 2023. A federal judge has temporarily blocked Microsoft's planned $69 billion purchase of video game company Activision Blizzard.
Global
Microsoft, U.S. Regulators Head to Court over $69 Billion Deal
Visitors wearing masks look at the ARM-structure server processor Yitian 710, developed by Alibaba's in-house semiconductor unit T-Head, at the Apsara Conference, an annual cloud service technology forum hosted by Alibaba Group, in Hangzhou in east China's Zhejiang province on Oct. 19, 2021. Furious at U.S. efforts that cut off access to technology to make advanced computer chips, China's leaders appear to be struggling to figure out how to retaliate without hurting their own ambitions in telecoms, artificial intelligence and other industries.
Global
China Seethes as U.S. Chip Controls Threaten Tech Ambitions
Attorney General Merrick Garland, joined by otters Justice officials, speaks to reporters as they announce charges against two men suspected of being Chinese intelligence officers for attempting to obstruct a U.S. criminal investigation and prosecution of Chinese tech giant Huawei, at the Department of Justice in Washington, Monday, Oct. 23, 2022.
Global
Chinese Officers Charged in Plot to Obstruct U.S. Huawei Probe
Manufacturing Business Management
Sponsor Content
Manufacturing Business Management
More in Global
Intuitive and Flexible Manufacturing ERP
Sponsored
Intuitive and Flexible Manufacturing ERP
Acumatica looks to offer new solutions.
May 1, 2024
Screenshot 2024 05 15 At 9 19 08 Am
Global
The World’s Largest Direct Air Capture Plant Just Came Online
It is designed for a nameplate capture capacity of up to 36,000 tons of CO₂ per year.
May 15, 2024
U.S. Trade Representative Katherine Tai speaks with reporters in the James Brady Press Briefing Room at the White House, Tuesday, May 14, 2024, in Washington.
Global
U.S. Suggests Possible Penalties if Chinese EV Production Moves to Mexico
Chinese companies could use Mexico as a backdoor into the U.S. market.
May 14, 2024
A worker assembles an SUV at a Li Auto plant, Changzhou, China, March 27, 2024.
Global
Biden Hiking Tariffs on Chinese EVs, Solar Cells, Steel, Aluminum, Medical Equipment
It's uncertain what the long-term impact on prices could be.
May 14, 2024
Leapmotor vehicles are parked outside a showroom in Hangzhou in eastern China's Zhejiang province on Tuesday, May 14, 2024.
Global
Stellantis and China's Leapmotor to Sell EVs in Europe
Sales will begin in September.
May 14, 2024
A worker checks solar panels at a factory in Jiujiang in central China's Jiangxi province on March 16, 2018.
Global
U.S. Plans to Impose Major New Tariffs on Chinese Imports
Major new tariffs are coming for EVs, semiconductors, solar equipment and medical supplies.
May 13, 2024
A Seagull electric vehicle from Chinese automaker BYD for test driving is parked outside a showroom in Beijing, Wednesday, April 10, 2024.
Global
Chinese EV Called the Seagull Poses Big Threat to the U.S. Auto Industry
It rivals U.S.-made electric vehicles that cost three times as much.
May 13, 2024
This image provided by NASA shows a solar flare, as seen in the bright flash in the lower right, captured by NASA’s Solar Dynamics Observatory on May 9, 2024. A severe geomagnetic storm watch has been issued for Earth starting Friday and lasting all weekend _ the first in nearly 20 years.
Global
Strong Solar Storm Could Disrupt Communications, Produce Northern Lights in U.S.
The National Oceanic and Atmospheric Administration issued a rare geometric storm watch — the first in nearly 20 years.
May 10, 2024
Mfc M270 Launcher
Global
Lockheed Martin Awarded $451M to Upgrade U.S. Army M270 Launchers
The award follows an initial agreement issued in 2019.
May 10, 2024
Image (3)
Global
Bread Recalled in Japan After 'Rat Remains' Found
About 104,000 loaves are being recalled.
May 9, 2024
Italian artisans create knitwear for the Prada and Miu Miu brands at a recently expanded factory in the Perugia province of Italy Tuesday, May 7, 2024.
Global
Prada Expands Production, Workforce in Italy
The company is investing about $65 million in production this year.
May 9, 2024
Ap24128054641051
Global
Boeing Calls Off its First Astronaut Launch Because of Valve Issue on Rocket
The valve may have exceeded its 200,000 lifetime cycles, which means it would have to be replaced.
May 7, 2024
Ep162
Global
Report: Tyson Dumping Millions of Pounds of Waste into U.S. Waterways
In five years, the company's plants dumped an estimated 371.72 million pounds of pollutants into waterways.
May 6, 2024
In this photo taken from video released by the Russian Defense Ministry Press Service on Monday, Jan. 22, 2024, a Su-25 warplane is seen from the cockpit of another such aircraft as they fire rockets on a mission over Ukraine.
Global
What Are Tactical Nuclear Weapons and Why Did Russia Order Drills?
A look at tactical nuclear weapons and the part they play in the Kremlin's political messaging.
May 6, 2024
Boeing's Starliner capsule atop an Atlas V rocket stands ready for its upcoming mission at Space Launch Complex 41 at the Cape Canaveral Space Force Station, Sunday, May 5, 2024, in Cape Canaveral, Fla. Launch is scheduled for Monday evening.
Global
Boeing Set to Launch NASA Astronauts for the First Time
Starliner's debut test flight without a crew in 2019 ended up in the wrong orbit and failed to reach the space station.
May 6, 2024