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Tue 25 Mar 2008 02:10 AM

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UAE, Qatar to launch joint investment fund

IPIC and QIA sign agreement to establish new fund as leaders meet in Doha to discuss bilateral ties.

The UAE and Qatar are to establish a joint investment fund, it was reported on Monday after the two countries’ leaders met in Doha to discuss bilateral ties.

According to emirates news agency Wam, an agreement to launch the joint fund was inked in the presence UAE President Sheikh Khalifa bin Zayed Al Nahyan and Emir of Qatar Sheikh Hamad bin Khalifa Al-Thani.

The deal was signed by managing director of International Petroleum Investment Company (IPIC) Khadem Abdullah Al Qubaisi, on behalf of the UAE, and director of the $60 billion Qatar Investment Authority (QIA), Hussein Ali Al-Abdullah, Wam said, without giving further details.

The UAE is home to the Abu Dhabi Investment Authority, thought to be the world’s largest sovereign wealth fund with assets of around $900 billion.