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Aabar in Austrian JV, eyes tech, property

Abu Dhabi, July 21, 2009

Abu Dhabi's Aabar Investments, which took a stake in Daimler AG this year, said on Tuesday it planned a joint venture with Austria's Berndorf to invest in technology firms and property in Europe.

The new firm, ABAG Aktiengesellschaft, will be based in Austria and will be two-thirds owned by Aabar and one-third by privately owned Berndorf, a statement from Aabar said.

Aabar is an investment firm controlled by the International Petroleum Investment Company (IPIC), which is wholly owned by the Government of the Emirate of Abu Dhabi.

IPIC is one of the investment vehicles used by the Abu Dhabi government to invest oil income.

As well as buying a 9.1 per cent stake in Daimler in May, earlier this month Aabar bought 40 per cent of Daimler's stake in electric-car start up Tesla Motors.

The Gulf Arab firm said on Tuesday that ABAG would have access to equity funding of 150 million euros, with Aabar contributing 100 million and Berndorf 50 million. Berndorf will provide management services to the new joint venture.

'We believe ABAG is an excellent platform for Aabar to partner with Berndorf and invest in the growth of medium-sized technology-based companies and real estate in Europe,' Khadem Al Qubaisi, Aabar's chairman, said in a statement.-Reuters




Tags: property | Aabar | JV | Austrian |

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