Trucks to be built by UAE's Aabar, German Firms
Monday saw United Arab Emirates' Aabar Investments PJSC saying that it has signed a deal with Algeria and five German companies, including MAN Ferrostaal AG and Daimler AG, to make all-terrain vehicles and trucks in North Africa.
MAN Ferrostaal said in a separate statement that finally the agreement will produce a joint-venture company between Aabar and MAN Ferrostaal to manage the plants in Algeria.
The Algerian venture, which is expected to begin in the year 2010, will make as many as 10,000 vehicles and trucks a year. Earlier this year, Aabar had bought a stake in Daimler.
None of the companies disclosed the financial terms of the deal.
Both Aabar and MAN Ferrostaal are majority-owned by the Abu Dhabi government's International Petroleum Investment Co., or IPIC, which invests the emirate's oil wealth.
Aabar explained that it will be in Tiaret Ain Smara and Oued Hamimine where MAN Ferrostaal will build three vehicle and engine manufacturing plants, and modernize others.
The deal will see Daimler, Deutz AG, MTU Friedrichshafen GmbH, and Rheinmetall AG acting as technology partners, providing licenses and intellectual property.
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