http://business.theglobeandmail.com/servle...y/Business/home

ADAM SCHRECK

The Associated Press

March 23, 2009 at 6:32 AM EDT

DUBAI — A company owned by the government of Abu Dhabi has pumped an additional $1.41-billion (U.S.) into Aabar Investment PJSC, giving the emirate majority control in the investment company set to become Daimler AG's biggest shareholder.

The announcement Monday came a day after Abu Dhabi-based Aabar — an investment vehicle set up by the Persian Gulf sheikdom — said it would pay nearly €2-billion ($2.72-billion) for a 9.1 per cent stake in the German automaker best known for its Mercedes-Benz brand.

Aabar will become Daimler's largest shareholder. The automaker's second-largest owner is Kuwait's primary sovereign wealth fund, which has a 6.9 per cent stake.

Aabar differs from many of the oil-rich Persian Gulf's sovereign wealth funds in that some of its shares are publicly traded. That arrangement is expected to continue, although the government will now have a clear controlling interest in Aabar.

In a statement Monday, Aabar said Abu Dhabi's International Petroleum Investment Co. has finished buying 5.18-billion dirhams ($1.41-billion) in Aabar bonds that will be converted into ordinary shares.

IPIC is fully owned by the government of Abu Dhabi, the largest of the seven semiautonomous city-states comprising the UAE and holder of most of the Persian Gulf country's vast oil wealth. Abu Dhabi is the federation's capital.

Monday's announcement follows a similar cash injection worth about $408-million by IPIC last month. Once the latest stock conversion is complete, IPIC will own 71 per cent of Aabar, up from about 36 per cent now.

Officials from Aabar and IPIC did not immediately respond to request for comment.

IPIC is chaired by Sheik Mansour Bin Zayed Al Nahyan, a prominent member of Abu Dhabi's ruling family, which controls the United Arab Emirates presidency. He led the takeover of English football team Manchester City and joined Qatari investors in pumping billions of dollars into British bank Barclays PLC last year.

The Daimler deal appears to be Aabar's biggest overseas investment yet.

In December, Aabar agreed to buy American International Group Inc.'s Swiss-based wealth management arm AIG Private Bank Ltd. According to its annual report, Aabar paid 307-million Swiss francs ($273-million) for the bank and assumed about 100-million Swiss francs worth of debt.

Daimler, karma says your number is up.

oh Geez.... Now my head is REALLY spinning.

(Heheh-he, anyone else think of Garfield shipping Nermal

to Abu Dhabi when they read the title of the thread...?)

Interesting...first that I've seen Abu Dhabi in the headlines that I can remember...Dubai has been in the headlines often, but not the AD. A friend of mine was telling me I should look at going to Dubai or Abu Dhabi for a couple years, the contracting rates for my thing there are waaaay better than in the US, and there are tax advantages..and I'm used to living in a desert..

Edited March 24, 200916 yr by moltar

Daimler, karma says your number is up.

Interesting...first that I've seen Abu Dhabi in the headlines that I can remember...Dubai has been in the headlines often, but not the AD. A friend of mine was telling me I should look at going to Dubai or Abu Dhabi for a couple years, the contracting rates for my thing there are waaaay better than in the US, and there are tax advantages..and I'm used to living in a desert..

what do you do?

my g/f's dad is working in AD as an architect and things have totally dried up for the time being

what do you do?

my g/f's dad is working in AD as an architect and things have totally dried up for the time being

Software engineering, enterprise systems architecture..this was a couple years ago, so the market is likely thinner than it is now. I'm not that mercenary to head over there, but Dubai was in particular a hot spot for enterprise applications, esp. in banking and petroleum in recent years...