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Aabar invests in Algeria car plants
- United Arab Emirates: Tuesday, August 11 - 2009 at 10:47
Abu Dhabi-based Aabar Investments, a public joint stock company, has announced the signing of an agreement with the Algerian government to develop a network of vehicle and engine manufacturing plants in ventures with five German companies including MAN Ferrostaal, Daimler AG, Deutz AG, MTU Aero Engines Holding AG, Rheinmetall, Bloomberg has reported. The group intends to assemble as many as 10,000 cars and trucks a year. MAN Ferrostaal will lead the group, while some of the companies will provide licenses and intellectual property to the venture, Aabar has said. Assembly is expected to start in 2010 after plants are built or modernized in Tiaret, Ain Smara and Oued Hamimine.
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StaffTuesday, August 11 - 2009 at 10:47 UAE local time (GMT+4)
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