The core aspect of the partnership is a stake acquired by Mubadala Investment Company in the Austrian oil company OMV. In 1994, Abu Dhabi purchased 13 percent of the OMV shares from the state holding company Österreichische Industrieholding AG (ÖIAG), and later increased its shareholding to 24.9 percent. In 1997 Abu Dhabi also acquired a stake in Borealis, a leading supplier of innovative solutions in the fields of polyolefin, basic chemicals and plant nutrients. The increase in Mubadala's and OMV's shareholdings in Borealis to 64 and 36 percent respectively show the confidence they have in Borealis. These investments comprised a major step in the direction of petrochemicals.
The opening of an OMV subsidiary in Abu Dhabi in 2007 was decisive for its successful activities in the country. Since 2011, OMV Abu Dhabi has served an upstream subsidiary to promote business ties with the Abu Dhabi National Oil Company (ADNOC). In 2016, Abu Dhabi emerged as the hub for all OMV activities in the Middle East and Africa. The Middle East and Africa comprise two of the five core regions in the OMV Strategy 2025. The company intends to serve new international markets from its base in Abu Dhabi and expand its production in this oil-rich region.