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Aabar’s Assets Hit $10b Mark
ABU DHABI — Abu Dhabi’s Aabar Investments announced its assets have expanded to $10 billion from $625 million a year ago, a phenomenal growth witnessed after the investment firm was acquired by the International Petroleum Investment Company, or IPIC.
“The board of directors are excited about the potential future prospects and transactions proposed to be undertaken by Aabar which may include investing in construction and further investment in aviation and in the financial services sector,” Aabar said in a statement.
IPIC is Aabar’s largest stakeholder, and is wholly owned by the Government of Abu Dhabi.
Aabar directly invests in various sectors including energy, infrastructure, real estate, automotive and financial services companies. Last year, it made investments in 12 global companies.
It is currently in takeover talks with Dubai-listed Arabtec, a construction major in the region.
Aabar acquired a 9.1 per cent share in German luxury carmaker Daimler AG to become its largest shareholder. The partnership with Daimler includes plans to develop job opportunities in the Abu Dhabi automotive industry, to create industrial synergies with other Abu Dhabi joint ventures and to develop and produce innovative compound materials to be used in automotive manufacturing.
It also bought a four per cent stake in California-based electric carmaker Tesla Motors, which it acquired from Daimler. The partnership is part of Aabar and Daimler’s plan to focus on projects aiming to reduce carbon dioxide emissions.
Aabar acquired a 3.34 per cent share in Atlantia, an Italian infrastructure company to take up infrastructure projects in the MENA region.
The firm also owns AIG Private Bank, now renamed as Falcon Private Bank. It acquired a 4.38 per cent share of Banco Santander (Brasil) SA, and also signed an agreement with Algerian government to setup a vehicle manufacturing facility in the North African nation.
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