(MENAFN) The UAE and China have created a united strategic investment fund worth a whopping USD10 billion as the 2nd largest economy chases its ambition to reestablish Silk Road trade routes.
The fund, which will be financed equally by both nations, is set target a range of prospects in different asset classes like Greenfield projects, in which operational facilities are built from scratch.
The fund came after China National Petroleum Corp. closed a strategic collaboration agreement with Abu Dhabi's Mubadala Petroleum to collaborate on upstream oil and gas investment.
"The 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," said Abu Dhabi's Crown Prince.
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