Tashkent, Uzbekistan (UzDaily.com) -- Uzbekistan and the UAE signed an agreement on creation of the Direct Investments Funds for total sum of US$1 billion.

The document was signed in Tashkent within the framework of the Uzbek-Emirates business forum.

The forum was organized by the State Investment Committee of the Republic of Uzbekistan with the support of the Embassy of the Republic of Uzbekistan in the United Arab Emirates and the Consulate General of the Republic of Uzbekistan in Dubai.

The UAE delegation in Uzbekistan was represented by about 40 people led by Ibrahim Al-Mahmoud, the deputy chairman of the Chamber of Commerce and Industry of the country.

Following the results of the business forum, a number of bilateral documents were signed in the areas of commercial and residential construction, renewable energy and investment cooperation.