Stuttgart, Germany – Daimler AG has announced that investment company Aabar Investments PJSC of Abu Dhabi, United Arab Emirates, has become a major shareholder in the automaker.
Aabar directly invests in various sectors including energy, infrastructure, real estate, automotive and financial services companies. Its largest stakeholder is the International Petroleum Investment Company, which in turn is wholly owned by the Government of the Emirate of Abu Dhabi. The cash flow from the capital increase will be €1.95 billion, which Daimler said will further improve its “sound financial position.”
“Daimler is an iconic brand and a financially strong company with a reputation for excellence worldwide,” said Aabar chairman Khadem Al Qubaisi. “We are delighted to have the opportunity to make this investment and are excited by the commercial potential of our partnership. We believe that our future cooperation will be beneficial for Aabar and create social and economic benefits for Abu Dhabi and the United Arab Emirates. We look forward to working with Daimler to fully realize these opportunities.”
The two companies said they will focus on joint initiatives, including electric vehicles, the development and/or production of innovative compound materials for automotive manufacturing, and social projects, such as the establishment of a training centre in Abu Dhabi for positions in the automotive industry.