Daimler said Tuesday it had signed a major contract with Dubai that would see the German group supply 260 city buses for an undisclosed amount. Production of Daimler's Citaro model, which is 12 meters (yards) long and seats 33 passengers, would begin before the end of the first quarter, a statement said. The buses were to be fitted with special insulation to deal with high temperatures in the emirate, and the contract included a multi-year service and maintenance agreement. “We are increasing our commitment to the growth region of the Middle East,” the head of Daimler's bus division, Hartmut Schick was quoted as saying, since Dubai already uses 80 Citaro buses. Daimler, which also makes Mercedes-Benz autos and is the world's leading heavy truck manufacturer, is suffering from the collapse in global automobile markets. On Sunday, a company owned by the government of Abu Dhabi has pumped an additional $1.41 billion into Aabar Investment PJSC, giving the emirate majority control in the investment firm set to become Daimler AG's biggest shareholder. Dhabi-based Aabar - an investment vehicle set up by the Gulf sheikdom - said it would pay nearly 2 billion euros ($2.72 billion) for a 9.1 percent stake in the German automaker best known for its Mercedes-Benz brand. In a statement, Aabar said Abu Dhabi's International Petroleum Investment Co. has finished buying AED5.18 billion ($1.41 billion) in Aabar bonds that will be converted into ordinary shares.
