Israeli VC firm and Dubai merchant family form tech funding alliance | Financial Times:
A leading Israeli venture capital firm is teaming up with a major Dubai merchant family to launch a funding platform to facilitate technology investments between the United Arab Emirates and the Jewish state, in the first such tech alliance since the normalisation of UAE-Israeli relations.
The tie-up between OurCrowd and Abdullah Al Naboodah’s business development unit, dubbed Phoenix Capital, will aim to create a bilateral venture-funding corridor, with an initial $100m raised from Emirati and other Gulf investors.
Phoenix will act as a platform to channel Gulf investment into OurCrowd’s 220 portfolio companies, building on the pent-up demand in the UAE for opportunities in the thriving Israeli start-up scene.
The Israeli company, a $1.5bn fund that deploys capital on behalf of small and medium-sized investors, hopes to launch its companies into the UAE, capitalising on the diversified nature of the Al Naboodah Group conglomerate, which spans from the automotive and construction industries to travel and real estate.
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