Profits in fast lane
Abu Dhabi-based Aabar Investments announced that it more than doubled its full year profits last year.
The company, which is the biggest share holder in US car maker Daimler maker of Mercedes Benz cars, said that its 2009 profit rose to $457 million from $196 million the year before.
In addition to that the statement on the Abu Dhabi bourseâ€™s web site noted that the worth of Aabarâ€™s assets had soared to $10 billion over a year that saw it go on a merger and acquisition spending spree.
Most recently this included a deal to take control of UAE construction giant Arabtec. Also last year it acquired Swiss Private Bank, took out a $280 million, 32 per cent stake in space tourism company Virgin Galactic, and in coordination with Daimler, purchased Formula One championship-winning team Brawn Grand Prix.
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