The first Israeli venture capital company to enter the UAE market..and this is its plan
Or Crowd, one of the largest venture capital firms in Israel, said today, Monday, that it had obtained approval and a license to operate in the UAE.
This step comes after the normalization of relations between Israel and the UAE last year.
The company said it became the first Israeli venture capital firm to obtain a license from the Abu Dhabi Global Market, the main international financial center in Abu Dhabi.
Our Crowd Management (Arabia) Limited will act as the fund manager in accordance with the rules of the Market Financial Services Regulatory Authority.
The company’s CEO, John Medved, said it would be able to raise funds in the UAE and promote new local companies in the UAE and the region to its 160,000 clients worldwide.
He added that the company will be able to “drive global investments in the active new corporate system in the UAE. This is a major step towards developing our crowd activity in the UAE.”
Sabah Al-Binali, OrCrowd’s partner in the UAE, said the company will be able to set up venture capital funds in the Abu Dhabi Global Market to invest in technology start-ups in the UAE and the region.
“Our main focus in the initial phase will be on the agricultural, financial and medical technology sectors,” he added.