The UAE is said to be seeking to set up a joint investment fund with the government of China, Abdullah Al Saleh, undersecretary to the UAE’s Ministry of Economy has said, confirming that there are ongoing talks between the two countries to establish a joint fund in order to finance clean energy projects.
“It has already been discussed with the government of China and an agreement has been established on the fund but I do not have any further details on talks yet,” Al Saleh told reporters on the sidelines of an event, Gulf Business reported.
“Both countries have enough liquidity and they also have some of the largest sovereign wealth funds in the world. We need to inject this liquidity to finance more projects,” he highlighted, adding that when the fund becomes operational it will seek to invest in clean energy, an area of interest for both the UAE and China.
It is worth noting that trade between China and the UAE has been growing rapidly, rising by 14% year-on-year to $46 billion in 2013. Moreover, trade between two countries surged by 25% during the first nine months of 2014, reaching $35 billion, the official said.
“It has already been discussed with the government of China and an agreement has been established on the fund but I do not have any further details on talks yet,” Al Saleh told reporters on the sidelines of an event, Gulf Business reported.
“Both countries have enough liquidity and they also have some of the largest sovereign wealth funds in the world. We need to inject this liquidity to finance more projects,” he highlighted, adding that when the fund becomes operational it will seek to invest in clean energy, an area of interest for both the UAE and China.
It is worth noting that trade between China and the UAE has been growing rapidly, rising by 14% year-on-year to $46 billion in 2013. Moreover, trade between two countries surged by 25% during the first nine months of 2014, reaching $35 billion, the official said.
Source:
Mubasher
