Vehicle plants plan for Algeria

An Abu Dhabi investment fund isto set up vehicle and engine manufacturing plants in Algeria together with five German companies, including Daimler and MAN Ferrostaal.

Aabar Investments said the Algerian venture would be led by German engineering group MAN Ferrostaal and produce up to 10,000 cars and trucks a year in the oil-rich north African country.

Aabar and its parent, the International Petroleum Investment Company, have been among the most active of Abu Dhabi's stable of sovereign investment vehicles in the past year, acquiring stakes inDaimler, Virgin Galactic , Spanish refiner Cepsa and AIG's Switzerland-based private bank.