Emirates / Germany partnership to produce vehicles in Algeria

ABU DHABI- The Public Investment Fund of Abu Dhabi, Aabar Investments, has partnered with five German companies to produce up to 10,000 vehicles per year in Algeria, the press reported Tuesday.

•     The agreement, which includes the Algerian government, is the latest in a series of Aabar investments, which took 9.5% in March in the German automotive group Daimler, and end July 32% of Virgin Galactic, a company specializing in space tourism in Virgin Group, of the British billionaire Richard Branson.
  
      According to the newspaper, The National of Abu Dhabi, quoting a communiqué of Aabar, Daimler is associated with the project and the German firm MAN Ferrostaal and the Algerian Ministry of Industry and Defense.
  
      A sister company of Aabar, the International Petroleum Investment Company (IPIC), controls 70% of MAN Ferrostaal, the newspaper adds.
  
      MAN Ferrostaal would lead the project which also involves Daimler, Rheinmetall, the engine manufacturer Deutz and MTU Aero Engines Holding; the newspaper adds that the investment of Aabar has not been revealed.
  
      Three production sites are planned. Some will be created and others installed in old plants that will be upgraded. The production of trucks and cars will start next year and that could be used to equip the Algerian army.
  
  
  Ennaharonline/ M/ O.