Slow Pace of UAE-Israel Deals Disappointing, OurCrowd Chairman Says - Bloomberg
Israeli investors and entrepreneurs have been disappointed by the slow pace of deal-making with the United Arab Emirates since the countries normalized ties nearly two years ago, according to an executive at a venture capital firm.
Part of the frustration is due to a clash between the frenetic pace of Israel’s tech industry with the more methodical and strategic mindset of Emirati investors, Sabah al-Binali, executive chairman of OurCrowd Arabia, said in an interview in Tel Aviv.
OurCrowd was the first Israeli venture capital firm to secure a license in the UAE capital of Abu Dhabi. The company itself was unable to finalize an agreement it signed soon after the Abraham Accords in 2020.
Al-Binali said, however, that half a dozen Israeli startups backed by OurCrowd will soon announce business tie-ups in the UAE. The deals will range from early-stage medical trials to manufacturing and distribution agreements, he said, without disclosing any further details.
“The bigger deals will come,” said al-Binali, the head of OurCrowd UAE operations. “There are a lot of complementary aspects” such as the ability of the UAE to bridge markets in Asia and Africa with Israeli companies looking to expand, he said.
OurCrowd is looking to grow its UAE team to 15 people, compared to three at the moment, he said.
No comments:
Post a Comment