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Aabar to Assemble Tunnel-boring Machinery in UAE
DUBAI - Aabar Investments, the biggest shareholder in luxury carmaker Daimler AG, said on Monday that it has entered into a Dh25 million joint venture with German tunnel boring specialist Herrenknecht AG.
Abu Dhabi-based company said under the project it will assemble and manufacture tunnel-boring machinery and equipment in the country.
The joint venture will serve customers in the Middle East including the Gulf Region and the North African region.
In a regulatory statement posted on the Abu Dhabi Securities Exchange, Aabar said it will own 51 per cent of the UAE-based joint venture company that will own and operate a manufacturing facility for tunnel-boring machinery and equipment, including the assembly and manufacture of tunneling technology, vertical drilling rigs, and turnkey tunnel-boring business.
The share capital of the joint venture company is Dh25 million of which Aabar’s share is Dh12.75 million, the company said.
Last week Aabar’s board also decided a minority interest in an auto assembling plant in Algeria. The directors of the ADX-listed investment company agreed to a minority interest of 24.5 per cent in a joint venture with the Government of Algeria and Ferrostaal, to build the first of three factories in Algeria.
Aabar Investment also jolted the local markets by acquiring 70 per cent ownership of Arabtec Holdings PJSC investing Dh6.4 billion, at a share price of Dh2.3.
Aabar Investments 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.
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