The emirate of Dubai has bought $1bn of DaimlerChrysler stock and is now the company’s third biggest shareholder.

The shares now belong to Dubai Holding, a company set up by the Dubai government in October to oversee the Gulf emirate’s economic development projects. Dubai now has around two percent of the company’s shares. Deutsche Bank owns 10.4% and the government of Kuwait owns 7.2%.

No wonder DaimlerChrysler designs mostly gas-guzzlers, eh? Makes me wonder what percentage of all the large car companies is owned by Arabic Oil nations?