Daimler and Kuwait Investment Authority celebrate the anniversary of their 40-year partnership

September 18, 2014

Daimler and Kuwait Investment Authority celebrate the anniversary of their 40-year partnership

18.9.14

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Daimler AG and the State of Kuwait's sovereign wealth fund, the Kuwait Investment Authority (KIA), underscored their 40-year partnership at a festive ceremony.

"During the last 40 years, Kuwait became Daimler's most reliable partner despite all
ups and downs in corporate history," said Dr. Manfred Bischoff, Chairman, Supervisory Board of Daimler AG. "We are grateful and deeply honored to have an outstandingly reliable partner who is willing to shape a bright future for Daimler together with us."

In November 1974, the Kuwait Investment Authority acquired an equity stake of the former Daimler-Benz AG from the Quandt Group. The shares accounted for about 14 per cent of the company's equity at the time. The Kuwait Investment Authority is currently Daimler's single biggest shareholder, holding 6.8 per cent of the company's shares since the demerger of Daimler and Chrysler took place in 2007. Daimler shares are well distributed on an international base.

His Highness Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah, the Prime Minister of the State of Kuwait said, "Our celebration today reflects the concept of successful economic partnership, and clearly demonstrates the astuteness of the State of Kuwait in seeking to invest financial surplus in long term investments to assist future generations in facing the future confidently and with resolve. Investing in well-established Daimler AG, one of Germany's and the world's most important companies, is the ideal means of realizing that vision."

Dr. Dieter Zetsche, Chairman of the Board of Management of Daimler AG and Head of Mercedes-Benz Cars, thanked the Kuwait Investment Authority for its four decade-long loyalty as a strategic Daimler investor

His Excellency Anas K. Al-Saleh, the Minister of Finance of the State of Kuwait and Chairman of the Board of the Kuwait Investment Authority added, "Over the past 40 years, the Kuwait Investment Authority has been a shareholder in Daimler even during Daimler's difficult days as we never lost faith in the brilliance of our common company." The stake that was originally purchased for $329-million has since then grown in value to almost $6-billion."