China, UAE sign deal to boost cooperation on Belt and Road

China and the United Arab Emirates pledged to boost cooperation within the framework of the Belt and Road Initiative in signing a number of bilateral agreements on Dec 14 during a visit to Beijing by Sheikh Mohamed bin Zayed, the crown prince of Abu Dhabi.

Sheikh Mohamed paid an official visit to China from Dec 13 to 16 at the invitation of Chinese Vice-President Li Yuanchao. Meeting with Chinese President Xi Jinping, he discussed bilateral and regional issues.

Xi hailed growing ties between China and the United Arab Emirates, saying that China regards the UAE as a good friend and partner in the Gulf region and will enhance the partnership between the two sides. Xi suggested the two sides boost practical cooperation in pursuit of reciprocity and common development. "China is ready to speed up policy and project alignment with the UAE," Xi said, stressing industrial cooperation in energy, infrastructure, trade and investment, and astronautics. China and the UAE have agreed to launch a $10 billion joint strategic investment fund, reported the Emirates news agency WAM.

Xi and Sheikh Mohamed witnessed the signing of a memorandum on the fund after their meeting at the Great Hall of the People.

Abu Dhabi's government-backed Mubadala Development Co, China Development Bank Capital and China's State Administration of Foreign Exchange will manage the fund. Each country will contribute equal funding to the project, according to the agency.

Sultan Ahmed Al Jaber, minister of state in the UAE, said the fund will support development in sectors of mutual interest, such as traditional and renewable energy, infrastructure, technology and advanced manufacturing. Xi said the joint investment fund is a highlight of cooperation between the two sides. China is willing to work with the UAE to make the Asian Infrastructure Investment Bank a financing platform that generates win-win results and promotes regional connectivity and economic development, said Xi.

"The formation of this investment fund is a reflection of the growing partnership between the UAE and the People's Republic of China," said Sheikh Mohamed. "The strong foundations of our relationship have been reinforced by our growing economic ties and deepening political relations. The launch of this strategic, commercially driven fund represents the next stage of our partnership as we seek to work more closely in developing our economies and contributing to global growth."

zhouwa@chinadaily.com.cn