The Abu Dhabi-based International Petroleum Investment Company (IPIC) signed an agreement with the Government of Kazakhstan to establish a Dhs. 3.6 billion investment fund. To be called Falah Investment fund, the portfolio will be used to fund projects in energy and other sectors in Kazakhstan, as directed by President HH Sheikh Khalifa bin Zayed Al Nahyan. The amount earmarked for the fund will be split evenly between IPIC and the Government of Kazakhstan, said Khadim Al Qubaisi, Managing Director of IPIC. The implementation of the project, he said, was ordered by HH Sheikh Mansour bin Zayed Al Nahyan, Minister of Presidential Affairs in line with the directives of HH General Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.

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