Abu Dhabi has signed a long-term contract with the world's biggest producer Guinea for the supply of bauxite ore for the United Arab Emirates aluminium industry, state media reported on Saturday.

The deal between Abu Dhabi investment fund Mubadala and Guinean firm Compagnie des Bauxites de Guinee will give the UAE "a strategic resource" for its aluminium industry and will help CBG to further increase its bauxite production, the official WAM news agency reported.

Guinean Mines Minister Mohamed Lamine Fofana said that the agreement would enable partly state-owned CBG to increase its production capacity to more than 20 million tonnes per annum, injecting $500 million (389 million euros) into the Guinean economy.

Mubadala chief operating officer Walid al-Muhairi said the Guinean firm would provide a "long-term and high-quality" supply for the UAE aluminium industry.

The signing ceremony late on Friday was attended by Abu Dhabi Crown Prince Mohammad bin Zayed al-Nahayan and Guinean President Alpha Conde, who will also watch Sunday's Abu Dhabi Grand Prix during his visit.