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Abu Dhabi’s Aabar cashes out Sandander stake for $30 mln

Aabar held less than 3 percent in Banco Santander.

November 24, 2010 2:01 by

Abu Dhabi investment vehicle Aabar made a $30 million profit on the sale of its stake in Banco Santander as it continues seek opportunisties to realise returns, its chairman said on Wednesday.

“We made good money, about $30 million and will continue to look at opportunities,” Khadem al Qubaisi told reporters at an event in Abu Dhabi.

Aabar, which also has stakes in Daimler and Virgin Galactic, held less than 3 percent in Banco Santander, he said, adding that the stake was sold in the open market.

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.

Aabar was delisted recently from the Abu Dhabi Securities Market (ADX).

(Reporting by Stanley Carvalho)

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