Aabar signs deal to build three Mercedes factories
UAE-funded plants to produce 50,000 vehicles and engines, due for 2014
Abu Dhabi's investment fund Aabar has signed three contracts with the Algerian defense ministry and German companies Daimler, Deutz and MTU for the construction of automotive factories in east Algiers.
The first two contracts cover the building of plants to produce 15,000 Mercedes-Benz trucks and buses and 10,000 other Mercedes-Benz vehicles a year, with operations at both facilities commencing in 2013.
The third contract states that a company will be established to manufacture engines under the brandname "Mercedes-Benz and Deutz", with a plant producing 26,000 water-cooled engines a year, from 2014.
The German companies will participate as technology partners providing licenses and intellectual property.