Al Mal Capital Keeps ‘Buy’ Rating on Aabar Investments

DUBAI — Al Mal Capital kept its ‘outperform’ rating on Abu Dhabi-based investment fund Aabar Investments, saying the company is reaping gains from recent investments.

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Published: Sat 8 Aug 2009, 1:04 AM

Last updated: Thu 2 Apr 2015, 3:43 AM

“Aabar has enjoyed significant unrealised market gains on its investments in the listed equities of Daimler and Atlantia,” said Bobby Sarkar, equity research analyst at Al Mal Capital.

In March, Aabar bought a 9.1 per cent share of Germany’s Daimler AG, maker of Mercedes-Benz cars. It snapped up a 4 per cent stake in electric-car producer Tesla Motors in late July. On July 28, Aabar added to its string of high-profile acquisitions, its purchase of a a 32 per cent chunk of Virgin Galactic Ltd., a unit of Richard Branson’s Virgin Group that plans to send tourists on expensive joy-rides into space. Aabar Investments has agreed to invest $280 million in Virgin Galactic to help develop sub-orbital spacecraft for the world’s first commercial ‘spaceline.’

The deal gave Aabar exclusive rights to host Virgin Galactic tourism and scientific space flights and would also build a spaceport in Abu Dhabi.

Much earlier in January, Aabar acquired UniCredit’s stake in Atlantia — an Italian holding company for Dh1.4 billion. Al Mal Capital said Aabar will also continue to be strongly supported by the International Petroleum Investment Company (IPIC), which is wholly owned by the government of Abu Dhabi. IPIC earlier this year, granted Aabar a Dh1.5 billion interest-free and unsecured loan to help fund the Daimler purchase.

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