$10b fund launched with UAE

China and the United Arab Emirates agreed on Monday to set up a major investment cooperation fund, reportedly worth $10 billion, to benefit third parties and the two countries themselves.

After a meeting in Beijing, President Xi Jinping and the Crown Prince of Abu Dhabi Sheikh Mohammed bin Zayed Al Nahyan witnessed the signing of a memorandum of understanding on establishing the fund.

Launching the fund will "play an important role in deepening bilateral, pragmatic cooperation", Xi said.