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Abu Dhabi fund sees big growth in Mercedes stake

Abu Dhabi fund sees big growth in Mercedes stake

The Abu Dhabi fund that is the biggest investor in Daimler says its profits surged in the third quarter largely because of the value of its stake of the Mercedes-Benz maker.
Aabar Investments said Thursday its earnings jumped to $402.3 million from $5.4 million in the same period a year earlier.
Chairman Khadem al-Qubaisi attributed the gain mostly to the "significant growth" in its 9.1 percent stake in the German automaker.
State-run Aabar is unusual among Gulf sovereign investment vehicles in that some of its shares are available to the public on the Abu Dhabi stock exchange. That requires it to release earnings reports unlike other government funds.


Updated : 2021-06-16 17:07 GMT+08:00