Wall Street Journal: UAE investing nearly $100 million in technology sector in Israel

AP John Gambrel

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The Wall Street Journal quoted informed sources as saying that a leading sovereign wealth fund in the UAE has invested nearly $100 million in venture capital companies in the Israeli technology sector.

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and .شارت wall street journal He said that “a year and a half after this agreement, which led to the normalization of diplomatic relations between Israel and the United Arab Emirates, trade is on the rise, as trade between the two countries is expected to reach $2 billion this year, according to the authority.” According to the agreements, approximately $250 million annually before the agreements. A business representing 6000 Emirati and Israeli businessmen, “noting that “the sovereign wealth fund of the United Arab Emirates is making direct investments in Israeli technology companies and the United Arab Emirates.” , where companies position themselves as partners for Israel’s expansion into the rest of the Middle East.”

Abu Dhabi’s Mubadala Investment Company, which manages $250 billion in assets, has invested up to $20 million in six Israel-based or focused venture capital firms, the newspaper reported.

He added that the “Sovereign Wealth Fund, which was one of the world’s most active funds in this pandemic and was the main investor in the “Vision Fund” of “SoftBank Group Corp.”, is still expected to begin investing directly in Israeli technology companies. In, “According to the newspaper. Wall Street Journal”.

An informed source told the newspaper that “Mubadala’s investments, which have not been previously reported, are based on the financial performance of each project company and the personal relationship established between the two teams, when the Abu Dhabi Fund met with 100 investors.” “

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Source: “The Wall Street Journal”

About the author: Seth Grace

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