Al Naboodah Investments and OurCrowd sign MoU
OurCrowd the world’s largest global venture investing platform, recently signed a memorandum of understanding with Phoenix, a business development company, to increase business and tech ties between Israel and the United Arab Emirates.
This is the first announced alliance between a top-ranked UAE corporation and a major Israeli venture investment firm.
Founded by Jonathan Medved, CEO, OurCrowd is a global leader in equity crowdfunding and Israel’s most active venture investor with US$1.5bn of committed funding. OurCrowd will identify and support UAE-based startups seeking growth and development in Israel, as well as leverage its diverse portfolio of 220 companies to enhance business development for UAE startups seeking to collaborate on innovative solutions.
OurCrowd’s UAE expansion will be led by Dr. Sabah Al-Binali, newly appointed Venture Partner and Head of the Gulf Region for OurCrowd.
Phoenix, spearheaded by Abdullah S. Al Naboodah, Chairman, Al Naboodah Investments, will serve as an investment platform for individuals and family offices located in the Gulf seeking opportunities to invest in the Israeli tech ecosystem.
“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,” commented Al Naboodah.
“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,” remarked Medved.
