Tuesday, 11 August 2009 at 09:14
The Abu Dhabi investment company Aabar has signed a potential landmark deal with the Algerian government to develop a network of vehicle and engine manufacturing plants in conjunction with five German companies including MAN Ferrostaal and Daimler.
Up to 10,000 cars and trucks will be assembled each year as the North African country looks to establish an industrial base, said the company in a press release.
"Aabar are delighted to be working with the Algerian Government and some of Germany's leading technology companies on this exciting new venture," said Khadem Al Qubaisi, Aabar's Chairman.
"With this important investment, Aabar continues to develop opportunities through our partnership with Daimler," he added.
Assembly is expected to start in 2010 following the modernisation or development of plants in Tiaret, Ain Smara and Oued Hamimine.
The project will be led by the German truck manufacturer MAN Ferrostaal. Daimler, Deutz, MTU and Rheinmetall will participate as technology partners providing licences and intellectual property.
The products which have been identified for potential manufacturing include Sprinter, Unimog, G?Type, Fuchs and other four wheel drive vehicles and engines.
Aabar is an investment company headquartered in Abu Dhabi and is listed on the Abu Dhabi Securities Exchange. It directly invests in various sectors including energy, infrastructure, real estate, automotive and financial services companies. It owns 9.1% of Daimler while its largest stakeholder IPIC owns 70% of MAN Ferrostaal. Its largest stakeholder is the International Petroleum Investment Company (IPIC), which in turn is wholly owned by the Government of the Emirate of Abu Dhabi.
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