UAE, Israeli Firms Ink MoU to Bolster Countries' Tech Sector

Published October 6th, 2020 - 12:30 GMT
UAE’s JAFZA Inks Strategic Partnership with Israeli Business Group
What the MoU will serve to do, is that when individuals in the Gulf seek out opportunities to invest in the Israeli tech market, Phoenix will then facilitate these relationships giving access to OurCrowd's investing platform. (Shutterstock)
Highlights
Phoenix is one of the richest agricultural foods and commodities traders in the UAE, it also has special technology and engineering branches as well as travel, construction and transportation investments.
Jerusalem-based crowdfunding capital venture platform OurCrowd signed a Memorandum of Understanding with the UAE-based Phoenix Group in order to facilitate business and tech cooperation between Israel and the United Arab Emirates.

Phoenix is one of the richest agricultural foods and commodities traders in the UAE, it also has special technology and engineering branches as well as travel, construction and transportation investments.
 
Therefore, this partnership marks the first agreement between a top UAE corporation and Israel's leading venture investor. The UAE expansion will be spearheaded by newly appointed Venture Partner and Head of the Gulf Region for OurCrowd Dr. Sabah al-Binali.


"OurCrowd is pleased to associate itself with Al Naboodah, a leading and well-regarded business group in the UAE," said OurCrowd CEO Jon Medved. "The signing of OurCrowd’s first MOU in the UAE less than a month after formal normalization between the UAE and Israel shows our deep commitment to building relationships, and growing business in the UAE and beyond."

What the MoU will serve to do, is that when individuals in the Gulf seek out opportunities to invest in the Israeli tech market, Phoenix will then facilitate these relationships giving access to OurCrowd's investing platform. This will bolster investments in Israeli technology sectors such as agriculture, education, health, AI and robotics, among others.

Phoenix will also facilitate direct relationships between OurCrowd and Gulf-based start-ups to boost revenue through the OurCrowd platform. Phoenix will also assist Israeli start-ups in connecting with partners in the Gulf region, bringing the investments full circle.

"Phoenix will be a bridge, a two-way conduit for both Israeli and UAE investors, as well as startups seeking strategic, business and investment partners in these powerhouse tech nations," said Phoenix Chairman Abdullah S Al Naboodah. "This first of its kind major alliance will pave the way for the rapid expansion of business between our two countries."


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