Abu Dhabi's Aabar Investments is entering in a joint venture with Austria's Berndorf for investments in technology firms and real estate in Europe.

This new firm, ABAG Aktiengesellschaft, shall have its base in Austria. Aabar shall own two thirds, where as Berndorf shall own one third of the new firm.

Aabar is controlled by the International Petroleum Investment Company (IPIC), a company owned by Government of the Emirate of Abu Dhabi, through which the government invests earnings from the oil.

Aabar has also bought a 40 percent of Daimler's stake in Tesla Motors Inc, earlier buying a 9.1 percent stake in Daimler during May.

According to the Gulf Arab firm, ABAG would be financed with 150 million euros; of which 100 million would come from Aabar, where as the remaining 50 million shall come from Berndorf. Berndorf shall also provide management services.

Khadem Al Qubaisi, Chairman of Aabar said: "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."