Car manufacturers in Europe
|2011 Volkswagen Phaeton
In fact, the Persian Gulf is placing money into automobile companies since the 1970s. In wake of first oil crisis, nearly four decades ago, Mercedes-Benz’s mother or father organization, Daimler-Benz, benefited from funds from newly rich Kuwait. Ever since then, Middle Eastern cash is tremendously important factor for top-end European carmakers. The good news is, amid governmental and social chaos in your community, some of those organizations are starting to feel uncomfortable.
a significant chapter in the story goes back to 1977, when Gianni Agnelli, president of Italy’s biggest manufacturing group, desired external financing to support Fiat’s then-struggling automobile business. With oil prices on the rise, Middle Eastern producers had money to spare. Italy’s best backlinks in your community had been using its previous colony Libya. The Libyan Arab international Investment Company paid some 0 million for a 15-percent risk in Fiat Group and appointed two administrators to your Fiat board.
This became difficult for Fiat if the el-Qaddafi regime had been defined as a sponsor of international terrorism. In 1986, Fiat persuaded a reluctant Libya to sell straight back its shares. Toward likely discomfort of Fiat CEO Sergio Marchionne and the present Fiat management, Libya later acquired—and consistently own—a brand new share in Fiat amounting to about two %.
Just like the attempts of center Eastern nations to boost their status on earth by hosting significant sports and attractions, buying into vehicle organizations is strictly company. These investments look to a post-oil future.
In other places inside Gulf . . .
• Ferrari, a Fiat organization, features formed a close relationship with Abu Dhabi, one of many wealthiest and most steady Gulf capitals. In 2002, during a plunge in Fiat’s fortunes, Ferrari offered 34 percent of their shares into the lender Mediobanca, which in turn marketed five per cent of Ferrari for $114 million to Mubadala, a state-supported investment firm in Abu Dhabi. In the last 36 months, Fiat features bought back both Mubadala and Mediobanca’s Ferrari stocks, nevertheless the Abu Dhabi link is maintained because of the organizations’ combined involvement within the Yas Marina Formula 1 circuit and the Ferrari World park. Khaldoon Khalifa Al Mubarak, Mubadala’s CEO, is an associate of Ferrari’s board.
• In 2005, Mubadala took a 17-percent share of the fledgling Spyker sports-car company, which took over Saab Automobiles from General Motors five years later on. This February, the Abu Dhabi investment in Spyker-Saab stood at 20 per cent.
• In 2009, Aabar Investments, a stock fund owned by the Abu Dhabi government, invested .7 billion in Daimler. In connected deals, Aabar also took a 30-percent interest in Brawn GP, the world-champion Formula 1 team that was renamed Mercedes Grand Prix, and became a four-percent investor in electric carmaker Tesla Motors.
• Kuwait rapidly bounced back through the uncertainty brought on by the Iraqi invasion in 1990. By 2007, its financial institutions were building a portfolio of luxury properties. Two of those, Investment Dar and Adeem Investment, paid $848 million to the Ford engine business for its stake in Aston Martin. Investment Dar additionally owns 40 % of Prodrive, the Uk engineering professional (run by David Richards, Aston Martin’s president) that builds Aston’s race cars and World Rally Championship Minis for BMW.
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According to the US Bureau of Labor Statistics, auto mechanics have an annual fatal accident rate of 4.3 per 100,000, about equal to that of plumbers. Chart here: