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Dubai buys large stake in DaimlerChrysler

Dubai International Capital, an investment company owned by the government of the Persian Gulf emirate, has bpurchased a $1 billion (£532m) stake in DaimlerChrysler.

The purchase makes Dubai International, part of the management group Dubai Holding, the third-largest owner of DaimlerChrysler stock, the group said in a statement. Daimler's two top shareholders are Deutsche Bank and Kuwait.

The Dubai government started Dubai Holding in October, under a directive from the emirate's ruler, Sheik Mohammed bin Rashid al-Maktoum, to manage large-scale projects.

Dubai International Capital focuses on "developing strategic partnerships with international financial institutions" and on mergers and acquisitions, according to Sheik Mohammed's website.

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