The United Arab Emirates and China have launched a joint strategic investment fund worth $10 billion, the two countries said in a joint statement on UAE state news agency WAM.

The fund will be administered and managed by Abu Dhabi state fund Mubadala and a subsidiary of China Development Bank, the statement said.

The goal behind the fund's launch, in which both parties are providing equal financing, is to build a balanced fund that incorporates diversified commercial investments and covers a spectrum of growing sectors. - Reuters