UAE - Mubasher: Phoenix, led by the Chairman of Al Naboodah Investments in the UAE Abdullah Al Naboodah, has inked a Memorandum of Understanding (MoU) with Israel's OurCrowd to promote the cooperation between the UAE and Israel in the field of technology.
Under the agreement, OurCrowd, a venture investing platform, will support UAE-based startups planning for growth in Israel and benefit from its 220-company portfolio to improve business development for UAE startups seeking to cooperate in innovative solutions.
Meanwhile, Phoenix will enable businesses in the Gulf region to explore investment opportunities in the Israeli tech ecosystem by helping them to have access to OurCrowd’s various tech investments across different sectors, including AgriTech and EdTech.
Phoenix will also help Israeli-based startups seeking potential partners in the Gulf region.
Al Naboodah said: "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. This first of its kind major alliance will pave the way for the rapid expansion of business between our two countries."
OurCrowd CEO, Jon Medved, noted: "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."
