Aabar assets hit $10bn, eyes more investments
Abu Dhabi, March 23, 2010
Aabar Investments which has stakes in Daimler AG and Virgin Galactic, said on Tuesday its assets have grown to $10 billion and that it was eying more investments.
The Abu Dhabi listed firm had an asset value of some $625 million prior to state-owned International Petroleum Investment Company (Ipic) becoming the largest shareholder in Aabar.
'This value has grown in size since Ipic's investment in Aabar to approximately $10 billion as Aabar has become, in the last 12 months, one of the most prominent and active investors in Abu Dhabi,' Khadem al Qubaisi, chairman of Aabar said in a statement.
Aabar is looking at increasing its investments that could include sectors such as construction, aviation and financial services, he said.
The firm is in takeover talks with Dubai-listed Arabtec. – Reuters