Dubai Holding entity becomes third largest shareholder in DaimlerChrysler

Al Gergawi stated that Dubai International Capital has acquired the stake valued at US $1 billion, making it the third largest shareholder in the US-German automobile manufacturer.

The acquisition was negotiated, structured and carried out by newly set up Dubai International Capital, which is a part of Dubai Holding.

Mohammed Al Gergawi added: "This is a perfect time to acquire shares in DaimlerChrysler as the company begins to bear the fruits of its merger with Chrysler. DaimlerChrysler, which has been formed as the result of combining the German automaker Daimler and the American Chrysler, is now ready to be the leader in the automobile manufacturing industry." He added that the DaimlerChrysler management team has proven its efficiency and professionalism over the years. "We are proud to be in a position to support the company's future growth. We have full faith in the current management, under the able leadership of Professor Jurgen E. Schrempp, Chairman of the Board."

"With the acquisition of such a significant stake in one of the most respected firms globally, Dubai Holding - through Dubai International Capital - has positioned itself as a significant international investor. We have proven our ability to negotiate and execute complex financial deals," said Sameer Al Ansari, CEO of Dubai International Capital. He added that the company is currently looking at other investment opportunities that meet its long term investment and strategic objectives both from a risk and return prospective.

DaimlerChrysler management added "DaimlerChrysler confirms Dubai's purchase of shares. We welcome this, as Dubai International Capital is a shareholder with a long-term commitment convinced of DaimlerChrysler's future potential."

DaimlerChrysler is active in about 200 countries. As of the end of 2003, it had a workforce of over 360,000 at the end of 2003 and more than 100 production locations in 17 countries. Its passenger vehicle brands include Maybach, Mercedes-Benz, Chrysler, Jeep, Dodge and Smart, and the giant automaker sold almost 4 million passenger vehicles. DaimlerChrysler is also the worldwide leader in commercial vehicles with Mercedes-Benz trucks, Freightliner, Western Star, FUSO, Mercedes-Benz Busses and Setra Kaessbohrer; in total they sold more than 500,000 commercial vehicles in 2003.