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Mar 24, 2009 3:28 PM

Aabar Investments, Abu Dhabi, United Arab Emirates, has became the majority stakeholder in Daimler AG, Stuttgart, Germany.

The company bought shares of Daimler totaling 1.95 billion Euros or $2.6 billion, according to Aabar.

Aabar is an investment company listed on the Abu Dhabi Securities Exchange. It directly invests in various sectors including energy, infrastructure, real estate, automotive and financial services companies. The company's largest stakeholder is the International Petroleum Investment Company (IPIC), which in turn is wholly owned by the Government of the Emirate of Abu Dhabi, according to Aabar information.

Aabar said the future cooperation will focus on joint initiatives, including electric vehicles with a particular focus on projects aiming at the reduction of CO2-emissions; development and/or production of innovative compound materials to be used in automotive manufacturing; and social projects, such as the establishment of a training centre in Abu Dhabi to educate young talent for positions in the automotive industry