UAE, Israeli investors take steps toward tech startup partnerships

Investors and tech leaders in the UAE and Israel are upbeat about business cooperation, particularly in fintech and agritech, as evidenced by a virtual conference organized by venture capitalists.

CIO | Middle East > Handshake / agreement / deal / teamwork / collaboration / partnership
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Just weeks after Israel and the United Arab Emirates inked a normalization deal in Washington DC, the bullish sentiment about the potential for economic cooperation hasn't worn off as Emirati business figures pitched the UAE's startup ecosystem on a Zoom conference to potential Israeli investors.

"We build strong, long-term allegiances and partnerships with companies and countries," said Tariq Bin Hendi, Director General of the state-owned Abu Dhabi Investment Office (ADIO), which last month opened up an office, its first outside of the UAE, in Israel. The company website is also written in Hebrew to make it accessible to Israelis. Explained Bin Hendi, "This is the first step in how we want to solidify this relationship."  

The panel discussion hosted was by Our Crowd, an Israeli venture investor, which last week announced a $100 million partnership with the UAE's Al Naboodah Investment Co., an arm of one of the country's most prominent business families, to invest in ventures in both countries.

Al Naboodah Investments Chairman Abdullah Saeed Juma Al Naboodah touted the UAE as one of the best "platforms" in the Arab world for startups, and noted that Emirates technology ventures have been sold for billions of dollars and listed for trading in the U.S.

UAE focuses on fintech, agritech

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