The Österreichische Beteiligungs AG (ÖBAG) is an Austrian state-owned holding company that can be characterized as a sovereign wealth fund. It administers the investments of the Republic of Austria in partially or entirely nationalized companies. It is an active partner of Abu Dhabi entities via its portfolio companies OMV and Borealis, which used to be participated by Mubadala and now by ADNOC. Borealis and ADNOC have a major JV called Borouge, which has production plants in Abu Dhabi and Singapore.