ADFD and Kazakhstan plan to jointly develop new projects

Abu Dhabi Fund for Development and Kazakhstan are exploring the possibility of investing in new infrastructure projects to boost ties, the fund said on Wednesday.

The development came following a meeting between Khalifa Al Qubaisi, the deputy director-general of Abu Dhabi Fund for Development and Zhaslan Madiyev, deputy chairman of the Agency for Strategic Planning and Reform of Kazakhstan.

“As we discussed ways to further expand our co-operation in terms of economic development, we also explored potential areas for investment that would benefit our countries as we move forward,” Mr Al Qubaisi, said. The fund did not provide further details on where it plans to co-invest or what types of projects it is focusing on.

ADFD has ties with Kazakhstan since 2001. It earlier granted concessional loans worth Dh75 million ($20.42m) for two projects in the social services and transport sectors.

The Abu Dhabi-based organisation, which is an autonomous national entity affiliated with the emirate’s government, is also financing other projects across the world.

Last month, it signed a series of agreements with Turkmenistan to create a joint investment company and assess the feasibility of backing a chemical complex, among other projects.

The joint company, which has a $100m capital target, will invest in sectors such as energy, agriculture, tourism and industry, the fund said in February. It will have initial capital of $16m that will be jointly provided by ADFD and Turkmenistan's government.

The fund also completed renewable energy projects worth Dh117.3m last year in Cuba, Somaliland, the Bahamas, Barbados and Saint Vincent and the Grenadine.

Abu Dhabi clean energy company Masdar is also exploring renewable energy opportunities in Kazakahstan and signed an agreement with the country's sovereign wealth fund Samruk-Kazyna last month.

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Five famous companies founded by teens

There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:

Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate.
Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc.
Subway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965, Mr DeLuca needed extra money for college, so he decided to open his own business. Peter Buck, a family friend, lent him $1,000 and together, they opened Pete’s Super Submarines. A few years later, the company was rebranded and called Subway.
Mashable: In 2005, Pete Cashmore created Mashable in Scotland when he was a teenager. The site was then a technology blog. Over the next few decades, Mr Cashmore has turned Mashable into a global media company.
Oculus VR: Palmer Luckey founded Oculus VR in June 2012, when he was 19. In August that year, Oculus launched its Kickstarter campaign and raised more than $1 million in three days. Facebook bought Oculus for $2 billion two years later.