Plans for a United Arab Emirates (UAE) investor to take a stake in Germany's surface-warship industry have collapsed, the German company ThyssenKrupp said Friday. Abu Dhabi Mar had been set to buy from ThyssenKrupp the high-security Hamburg dockyards that have built both advanced missile frigates and super-yachts for billionaires such as Chelsea Football Club owner Roman Abramovich.
ThyssenKrupp's other naval business, building U 214 stealth submarines rated as the world's quietest, was not part of the deal. Despite budget problems, Greece last year paid for a U 214 that has already been built and bought options on two more. Its long-time rival, Turkey, has sent cash to activate a purchase of six of the U-boats, which have the capacity to stay underwater for up to two weeks, the German company said Friday. A spokesman said political changes in the Middle East had been a factor in the UAE investor's pullback. "Following two years of amicable talks and negotiations exploring the joint venture, both ThyssenKrupp Marine Systems and Abu Dhabi Mar have agreed to cease their efforts to form the envisaged joint venture," a statement said.
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