Jerusalem-based crowdfunding capital venture platform OurCrowd has signed a Memorandum of Understanding with the UAE-based Phoenix Group 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 Dr. Sabah al-Binali, the newly appointed venture partner and head of the Gulf region for OurCrowd.
“OurCrowd is pleased to associate itself with [Phoenix chairman Abdullah S] Al Naboodah, [head of] 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.”
The MoU provides that when individuals in the Gulf seek out opportunities to invest in the Israeli tech market, Phoenix will then facilitate these relationships by 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 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 start-ups seeking strategic, business and investment partners in these powerhouse tech nations,” Al Naboodah said. “This first-of-its-kind major alliance will pave the way for the rapid expansion of business between our two countries.”
