On December 14, 2015, China and the United Arab Emirates (the "UAE") officially announced the launch of the China-UAE Investment Cooperation Fund (the “Fund”), witnessed by the top leaders from both countries. The Fund is jointly established by China Development Bank Capital Corporation Ltd. (CDB Capital), the State Administration of Foreign Exchange, and Mubadala Development Company of Abu Dhabi. The Fund will invest into energy, infrastructure, high-end manufacturing, clean energy and other high-growth industries. The establishment of this Fund will significantly strengthen the cooperation between China and the gulf countries, such as the UAE, collaborate the One Belt One Road strategy, and enhance the international cooperation on capacity and equipment manufacturing.

China and the UAE have agreed to invest a total of$10 billion, with half and half by each country, and $4 billion of such commitment will be drawn down during phase one.

King & Wood Mallesons acted as the PRC and Hong Kong counsels for CDB Capital, and has advised the client from day one, including, without limitation, the structuring of the Fund, the preparation and negotiations of the funds documents, and the closing of the Fund. The KWM legal teams were led by the Beijing partner Gong Mulong and the Beijing/Hong Kong partner Helena Huang, with support from Hong Kong partner Guo Sun Lee and Beijing office partners Liu Cheng, Liu Zhigang, Wu Wei and Tang Yingmao. This is one of the first fund formation matter that KWM has advised the client on both the PRC law and the Hong Kong law in connection with the formation of a mega offshore fund and KWM PRC and Hong Kong teams have provided seamless legal services to the client.