Before the beginning of last year, Aabar was a small energy firm based in Abu Dhabi. There was little indication it would soon become a major investment vehicle for the Abu Dhabi Government.
Since its transformation, Aabar has spent at least Dh25 billion (US$6.8bn) acquiring stakes in the German car maker Daimler, the UK aerospace company Virgin Galactic and its move yesterday to buy 30 per cent of the Brawn GP Formula One team.
No such spending spree seemed likely back in its infancy, when the company had two main subsidiaries. Dalma Energy was an Omani oil drilling firm that owned rigs in Saudi Arabia, Oman, Qatar and India. Pearl Energy, based in Singapore, did oil exploration and production in South East Asian locales including Indonesia, Thailand, the Philippines and Vietnam.
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