Mubadala will launch a joint fund worth US$10 billion with two Chinese state institutions, it was announced on Monday.
Mubadala, Abu Dhabi’s strategic investment company, will manage the UAE-China Joint Investment Cooperation Fund with China Development Bank Capital and China’s State Administration of Foreign Exchange.
The UAE and Chinese governments will each contribute $5bn, or Dh18.3bn, to the fund, which will invest in “sectors of strategic importance for the UAE and China”, the Government said.
Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi, is in China on a three-day state visit.
“This investment fund is a reflection of the growing partnership between the UAE and the People’s Republic of China,” said Sheikh Mohammed, also Deputy Supreme Commander of the Armed Forces.
“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.”
Xi Jinping, president of China, said: “This dynamic investment fund will serve to further strengthen and deepen the strategic and economic relationship between China and the UAE.
“This fund will also play a critical role in supporting the One Belt, One Road initiative, as we work towards improving connectivity and cooperation with our regional partners across Eurasia.”
Mubadala, which aims to invest in assets that promote Abu Dhabi’s development, has already launched similar joint investment ventures.
In 2013, it launched a $2bn fund with the Russian Direct Investment Fund, a state-backed asset manager. It also has joint investment vehicles with GE Capital and Trafigura.
The fund has prominent political backing.
China’s One Belt, One Road strategy aims to encourage investments in infrastructure projects along the medieval Silk Road trade route.
Attracting foreign investors to develop projects along this route is important to China’s leadership, said Chang Liu, of Capital Economics.
“It’s symbolically important for China to have foreign investment partners in South-East Asia and the Middle East,” Mr Chang said. “Part of the purpose of One Belt, One Road is symbolically to connect these countries. It’s politically important.”
The UAE is one of the founder members of the Asian Infrastructure Investment Bank, a $100bn fund regarded as a rival to the International Monetary Fund for stewardship of the world’s economy.
For more on the UAE and China’s agreements:
› UAE renews renminbi swap deal with China
› Sheikh Mohammed bin Zayed begins China visit at Great Wall
› Sheikh Mohammed bin Zayed and UAE dignitaries on China state visit - in pictures
› A breakdown of dealings between UAE and China - graphic
› Visit marks the beginning of a 'new era of UAE China relations'
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Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
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