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Abu Dhabi's Tawazun To Get A Stake In Russian Luxury Car Project

Automaker Aurus run by Russia's Central Scientific Research Automobile and Automotive Engine Institute, and Tawazun will take a 36 per cent stake in this brand.

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The Aurus Senat pictured is the new presidential limousine in Russia

Abu Dhabi's Tawazun holding will take a 36-percent stake in Russian car maker Aurus, investing 110 million euros ($124 million) in the company within three years, Russia's industry ministry said in a statement on Monday.

Tawazun will become the main Aurus distributor in North Africa and the Middle East, the Russian ministry said. The share of Sollers, another Russian car producer, in Aurus will fall to 0.5 percent as a result of the deal, it added.

Aurus is a project and brand run by Russia's Central Scientific Research Automobile and Automotive Engine Institute, known as NAMI.

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NAMI owns a 63.5 percent in the project, which, Russia has said, will see it producing a range of luxury cars designed inside the country.

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