A $10-billion investment cooperation fund between China and the United Arab Emirates will be set up to benefit the two nations as well as third parties, according to a report by China Daily.
The agreement was borne out of a meeting that took place between President Xi Jinping and the Crown Prince of Abu Dhabi Sheikh Mohammed bin Zayed Al Nahyan in Beijing on Monday, Dec. 14.
According to Xi, the fund will "play an important role in deepening bilateral, pragmatic cooperation," between the two countries.
"It is a new type of measure with a vision of the future. . . . The program generally eyes energy, infrastructure and high-end sectors," said Deng Li, director of the Foreign Ministry's Department of West Asian and North African Affairs.
The investment cooperation fund, according to Deng, will be invested in Chinese, Arabian and third-party markets.
The two nations also agreed to recognize each other's driving licenses and to boost visa services, said Deng.
During the high-level meeting, President Xi and the Crown Prince of Abu Dhabi also touched on exploring third-party cooperation in Africa.
The Chinese Central bank also signed a currency swap agreement worth 35 billion yuan ($5.4 billion) with the UAE central bank. The agreement will last for three years.
Experts applaud the strengthened relations between China and the United Arab Emirates.
"China will learn a lot about investing and exploring foreign markets through cooperating with the UAE, and from its financial expertise," said Xue Qingguo, a professor of Arab studies at Beijing Foreign Studies University.
Aside from boosting China's relationship with the whole Arab community, cooperation between the two countries will also benefit other economic endeavors such as the Silk Road Economic Belt and the 21st Century Maritime Silk Road, according to Xue.