OurCrowd has been approved and licensed by Abu Dhabi Global Market, the marquee international financial center in Abu Dhabi, to operate in the United Arab Emirates, making it the first-ever Israeli venture capital firm to obtain licensed status with ADGM.
OurCrowd Arabia will operate as a fund manager regulated by ADGM’s Financial Services Regulatory Authority. The establishment of OurCrowd Arabia in ADGM was announced during a panel at the fifth edition of market’s Fintech Abu Dhabi Festival.
“This historic development, a fruit of the Abraham Accords, will not only allow OurCrowd to raise funds in the UAE but also promote local Emirati and regional start-ups to our 160,000 global investors and drive international investments into the UAE’s dynamic start-up ecosystem,” said founder and CEO Jon Medved. “This is a major step toward developing OurCrowd’s business in the UAE and demonstrates our long-term commitment to the Gulf region.”
“The welcome recognition by the Abu Dhabi regulatory authorities will enable us to create venture funds based at ADGM to invest in technology start-ups and projects in the UAE and across the region,” said Dr. Sabah al-Binali, OurCrowd’s UAE-based venture partner and newly appointed senior executive officer of OurCrowd Arabia. “Our core focus in the initial stage will be on the agricultural, financial and medical technology sectors.”