ABU DHABI, 19th February, 2023 (WAM) — A delegation of 10 Abu Dhabi entities visited Israel from 12th to 16th February to discuss business cooperation and innovation opportunities.
Led by the Abu Dhabi Investment Office (ADIO), the delegation included Abu Dhabi Global Market (ADGM), Abu Dhabi Resident Office (ADRO), Hub71, Abu Dhabi IPO Fund (ADIPOF), Masdar City, KEZAD Group and Department of Health – Abu Dhabi (DoH).
The visit began with a welcome reception at ADIO’s Israeli offices, attended by CEOs and senior executives of more than 50 leading Israeli companies and ecosystem partners. During the visit, the delegation participated in the OurCrowd Global Investor Summit 2023, where they hosted the Abu Dhabi Pavilion, showcasing business and investment opportunities in the emirate.
Abdulla Abdul Aziz Al Shamsi, Acting Director General of ADIO, said: “This visit builds on the collective progress made since the signing of the Abraham Accords, as Abu Dhabi believes in partnerships that drive innovation and support sustainable investment opportunities. ADIO looks forward to Continue the conversations that started during this visit and explore Abu Dhabi’s limitless growth opportunities by partnering with innovative Israeli companies.”
During the visit, Integrated Data Intelligence (IDI), a subsidiary of OurCrowd, signed a strategic partnership with Hub71, Abu Dhabi’s global tech ecosystem, to launch an AI-powered digital platform for Hub71’s Tech Barza programme. It will provide a bespoke white-label digital fintech platform and operational expertise to Tech Barza’s investor marketplace.
The deal follows IDI’s expansion in Abu Dhabi in November 2022 as part of a $60 million investment in the emirate by OurCrowd in partnership with ADIO.
Commenting on the agreement, OurCrowd CEO Jon Medved said: “We believe this agreement with Hub71 is another important milestone in OurCrowd’s long-term commitment and strategy to build our presence in the UAE and across the Middle East. We are very proud “Being able to secure this deal in such a short time after the launch of IDI. We believe this is a strong validation of our decision to build our home in Abu Dhabi. We are particularly excited to be celebrating our 10th anniversary global investment in Jerusalem with Hub71 at OurCrowd The joint statement was announced at the summit of the
Ahmad Alwan, Deputy CEO of Hub71, commented: “As the leading tech start-up destination in the Middle East, we have been integrating multiple investment sources to support founders on their fundraising journey. Sophisticated digital investment platform that will further enable family offices and angel investors to identify game-changing businesses from our community of 200 startups to capture value through our Tech Barza platform.”
Dr. Hasanat Dewan, CEO of IDI, said: “We are delighted and honored to be selected by Hub71 to deliver this highly strategic platform. Building on the significant technical capabilities we have already developed for OurCrowd’s fintech platform, we intend to provide Hub71 with the next generation of artificial intelligence An intelligence-driven digital platform, which will greatly advance Abu Dhabi’s venture capital ecosystem and provide seamless access to startups for investors belonging to the Tech Barza community.”
Dhaher bin Dhaher Al Mheiri, CEO of ADGM Authority, said, “Following the historic UAE-Israel Abraham Agreement, delegations visiting Israel have further leveraged on the potential bilateral and economic ties between the two countries. ADGM has redoubled its efforts in recent years Leveraging the competitive advantages of the UAE and Abu Dhabi, and through a strong regulatory framework and the creation of a vibrant business ecosystem, it has established a prosperous and dynamic business environment for entrepreneurs and innovators.As an international financial center, Abu Dhabi International The financial hub encourages aspiring corporates and start-ups to set up operations in Abu Dhabi with full ownership of their businesses in a zero-tax environment, key regulatory approvals and access to appropriate capital support and access to top talent for ambitious ambitions .”
During the visit, the Abu Dhabi delegation held a series of meetings with Israeli entrepreneurs and investors to explore potential cooperation and investment opportunities. The delegation also shared insights into the UAE’s thriving startup ecosystem and efforts to support the growth and development of innovative companies.
Following the Abraham Accords in September 2020, ADIO opened an office in Tel Aviv in 2021 to support innovative Israeli companies looking to establish and expand their operations in the UAE capital.
In addition to its partnership with OurCrowd, ADIO recently announced that Israel’s Liquidity Group has joined its innovation initiative to establish a fintech R&D center in Abu Dhabi. Liquidity Group is a pioneering technology company that has become the industry’s fastest-growing lender to mid-market late-stage companies by automating the entire debt lending cycle.