Abu Dhabi purchases 4% ownership stake of Tesla by way of Daimler

It seems fitting that after everything that’s gone on in the global auto industry, a Middle East country is swooping in to take advantage of the industry’s dire straits. It’s becoming a trend really, and the latest we’ve heard is that Aabar, an investment fund owned by the government of Abu Dhabi recently bought a 4% ownership stake of Tesla, the electric car manufacturer that was recently purchased by Daimler.

The sale, of course, comes way of the German manufacturer, who a few months ago, purchased its own 10% ownership stake of Tesla from its US-based ownership group, which it bought from Tesla for around $50 million. The purchases result in Daimler controlling 6% of the company while Aabar now has a 4% stake on Tesla.

Despite what may seem like a small percentage, Aabar’s purchase is yet another reminder of Abu Dhabi’s aggressive pursuit in diversifying its resources apart from oil, which they understand won’t be around too long. Moreover, the UAE – Abu Dhabi in particular – is also pushing for a more eco-friendly future, one that will provide them with a better prospect of success down the road. The country even made a mammoth $22 billion investment on a state-of-the-art carbon neutral city that houses over 50,000 citizens. It’s this kind of bold step and foresight that has allowed the Middle East to prosper despite the turbulent economic crunch the rest of the world is experiencing.

Venturing into the auto industry is nothing new to Aabar, which last year purchased a 9.1% stake from Daimler. It’s beginning to look like the balance of power among those in the industry is shifting towards this small, yet extremely rich and powerful region.