SUNDAY, JANUARY 30, 2005
Dubai Holding buys stake in DaimlerChrysler
AP
DUBAI: Dubai International Capital has bought a $1 billion stake in DaimlerChrysler, the company said in a statement on Sunday.
Dubai International Capital, a recently established investment unit of state-owned Dubai Holding, said the purchase will boost its role as a major international investor.
DaimlerChrysler spokesman Thomas Froehlich welcomed the investment, adding that the purchase was recognition of DaimlerChrysler's potential.
He said the move makes Dubai the third-largest shareholder in the German-US company, after Deutsche Bank and the government of Kuwait.
According to DaimlerChrysler's website, Deutsche Bank has a 10.4 per cent stake in the company, while Kuwait has 7.2 per cent.
Froehlich said Dubai Holding's stake is well below five per cent.
Officials at Dubai Holding and Dubai International Capital weren't immediately available to provide additional details about the acquisition.
Dubai Holding is owned by Dubai Crown Prince Sheik Mohammed bin Rashid Al Maktoum, and includes several businesses that were once under the umbrella of his private office. Its units include real estate company Dubai Properties as well as Dubai Internet City, Dubai Media City, and Dubai Healthcare City.
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