Abu Dhabi investment fund eyes European deals

Aabar assets expected to touch $15-16bn by end of next year with new deals
Abu Dhabi investment fund eyes European deals
EUROPEAN DEALS: Abu Dhabis Aabar investment fund is eyeing three European deals worth $2.74bn
By Reuters
Mon 15 Nov 2010 01:22 PM

Abu Dhabi's fastest growing investment fund Aabar is eyeing three European deals worth 2bn euros ($2.74bn) after selling its stake in Banco Santander's Brazil unit, its chairman said in remarks published on Monday.

Aabar, which recently delisted from the Abu Dhabi Securities Market (ADX), is looking at two infrastructure investments in Europe valued at between 500m and 1bn euros, Khadem al Qubaisi told the Financial Times.

Aabar is also considering buying a "small stake" in a blue chip telecoms company in Europe or the United States that could be worth 1.95bn euros, he told the paper.

International Petroleum Investment Company (IPIC), the parent company of Aabar, considered buying up to 10 percent of BP after the then chief executive Tony Hayward made an approach, he said, but IPIC backed off after the UK oil company made clear it wanted investors to buy shares in the open market.

Aabar's assets have grown to $13bn and are expected to touch $15-$16bn by end of next year with new deals, he said.

Officials at Aabar were not available for comment on Monday.

Oil exporter Abu Dhabi is investing billions of dollars in industry, tourism, real estate and infrastructure to diversify its economy away from oil. Its investment funds are actively investing across asset classes globally.

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