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OurCrowd becomes first Israeli VC fund to operate in UAE

i24NEWS

3 min read
CEO and founder of OurCrowd Jon Medved, along with Dr. Sabah Al-Binali, senior executive officer and executive chairman of OurCrowd Arabia, in an interview with i24NEWS, Israel, November 22, 2021.
i24NEWSCEO and founder of OurCrowd Jon Medved, along with Dr. Sabah Al-Binali, senior executive officer and executive chairman of OurCrowd Arabia, in an interview with i24NEWS, Israel, November 22, 2021.

OurCrowd connects individuals and institutions with emerging technology startups

An award-winning Israeli platform is set to expand its operations in the United Arab Emirates (UAE) amid a growing partnership between the two countries. 

On Monday, OurCrowd acquired a license from the Abu Dhabi Global Market, the UAE’s international financial center. 

The venture capital (VC) fund - which connects individuals and institutions with emerging technology startups and companies before they go public - has raised more than $1b for nearly 300 companies since 2013.

Jon Medved, CEO and founder of OurCrowd, voiced his commitment to the Gulf country in an interview with i24NEWS: “We’re not coming here as investor tourists, we’re coming here to build a permanent presence.”

“We’re here for good… both long-term and to do good,” he added.

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The development comes more than a year after the landmark agreement between Israel, the UAE, and Bahrain - termed the Abraham Accords - in efforts to see the Jewish state and its Gulf neighbors normalize ties.

“We are already in the process of making our first investment in the UAE… we have 12 companies already who are engaged in different projects in the UAE,” Medved said.

“We can really do some great things for the region, for our countries, and for humanity.”

Dr. Sabah Al-Binali, senior executive officer and executive chairman of OurCrowd Arabia, noted to i24NEWS that the VC side of Israel’s business ecosystem is just as important as its entrepreneurship.

He added that he considers Israeli and Emirati markets as gateways for both countries. 

“The greatest enthusiasm is not just about investing in Israeli tech, but in building businesses out of the UAE and growing new markets,” Al-Binali said. 

“What we’re looking at are synergies beyond just financial investment… but on synergies that build businesses.”