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Business

Dubai Group buys Stake in DaimlerChrysler

Dubai Holding announced Sunday that it has acquired a one-billion-dollar (€767 million) stake in DaimlerChrysler, making it the third largest shareholder in the German-US auto giant. The acquisition was negotiated, structured and carried out by Dubai International Capital, which is part of Dubai Holding, said its chief executive officer, Mohammed al-Gergawi. "This is a perfect time to acquire shares in DaimlerChrysler as the company begins to bear the fruits of its merger with Chrysler," he said in a statement. "With the acquisition of such a significant stake... Dubai Holding -- through Dubai International Capital -- has positioned itself as a significant international investor," added Gergawi. "We welcome this, as Dubai International Capital is a shareholder with a long-term commitment convinced of DaimlerChrysler's future potential," DaimlerChrysler management was quoted as saying. Dubai Holding was set up last October to run a host of "mega projects" designed to turn the affluent Gulf emirate of Dubai into a business and leisure hub. Established on the instructions of Crown Prince Sheikh Mohammed bin Rashed al-Maktoum, the company was to help start ventures in the fields of media, healthcare, tourism, property, energy and industry. (AFP)