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I was just scouring the internet and come across the news that Aabar have stumped up and purchased 4% of Tesla. This is probably the strongest sign yet that the region is switching itself on to the benefits of being green.
According to Reuters, Aabar – an investment fund wholly owned by the government of Abu Dhabi, the capital of the UAE – has purchased a 4 percent stake in Tesla from Daimler.
“It’s a small percent but the issue is more psychological,” Aabar Chairman Khadem Al Qubaisi told Reuters.
Despite its large carbon footprint, the UAE is pushing towards a cleaner future and has even invested $22 billion in a revolutionary carbon neutral city setup to support 50,000 residents. The UAE was also recently named the home of the International Renewable Energy Agency.
Daimler purchased about a 10 percent stake in Tesla last May for $50 million, indicating the Aabar deal is worth at least $20 million. Aabar is no stranger to investment deals with Daimler as the Gulf fund purchased a 9.1 percent stake in the German automaker last March.
Good stuff!! I can’t until there are seen floating around the streets of the UAE in quiet serenity.
Phil
