Abu Dhabi and Volkswagen have reached agreement in principle to set up a joint company to invest in the motor industry in the Gulf emirate, according to reports.
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The head of the emirate’s economy department said that investments in five car projects beginning early next year would reach $US545 million in a first phase and $1.36 billion in a second phase.
The new company would finance part of these projects, to be implemented in a specialised industrial zone, while Volkswagen would bring in strategic partners to put up the rest of the funds.
