|
|
Article: Aabar Signs Auto and Machines Deal with Algeria.
- Article from:
- Khaleej Times (Dubai, United Arab Emirates)
- Article date:
- August 11, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Summary: ABU DHABI u Abu Dhabi-based Aabar Investments has signed a deal with the Algerian government to set up factories in that country to produce four-wheel-drive vehicles and engines, in a joint project with five German firms including MAN Ferrostaal AG and Aabar affiliate Daimler AG.
The project is Aabar's fourth major investment deal in the last month alone, and it deepens the company's already close relationship with Daimler. Aabar bought a 9.1 per cent stake in Daimler in March and is now the auto-maker's largest shareholder.
As many as 10,000 cars and trucks will be assembled each year at the Algerian plants, with production expected to start in ...