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Article: Abu Dhabi fund sees big growth in Mercedes stake
- Article from:
- AP Worldstream
- Article date:
- October 29, 2009
- Author:
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The Abu Dhabi investment fund that bet big on Daimler AG said Thursday its third-quarter profits shot sharply higher mostly on gains from its stake in the Mercedes-Benz maker.
Aabar Investments said earnings jumped to $402.3 million between July and September, compared with a profit of $5.4 million in the same period a year earlier.
Chairman Khadem al-Qubaisi attributed the rise mostly to the "significant growth" in the value of its 9.1 percent stake in the German automaker. He made clear the fund has an appetite for more deals.
"Aabar's profits continue to grow at a steady rate and the board of directors has full confidence that the company will ...