Dubai: OurCrowd, the venture investing platform from Israel, has entered a memorandum of understanding with Phoenix, a UAE business development company, to develop business and tech ties between the countries. The former will identify and support UAE-based startups seeking growth and development in Israel.
Phoenix is headed by Abdullah S. Al Naboodah, Chairman of Al Naboodah Investments, and will serve as an investment platform for individuals and family offices located in the Gulf seeking opportunities to invest in the Israeli tech universe."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 Naboodah.
"This first-of-its=kind major alliance will pave the way for the rapid expansion of business between our two countries.”
OurCrowd was founded by Jonathan Medved, one of Israel’s most active venture investors with $1.5 billion in committed funding.
ADIO recently announced plans to open an office in Tel Aviv, and comes as part of the group’s plans to open offices in Europe, North America and Asia to support global companies looking to establish and expand their operations in the UAE capital.
- Sami Zaatari, Staff Reporter