Auliq Ice said, “Rather than trying to reinvent the wheel, build on to that which is already excellent.” Modernization is essential for the growth of society. Mankind’s forefathers have laid down the foundation and the world has been building on it. With digitalization progressing at full speed, the collaboration of finance and technology has been vouched for by many. Abu Dhabi and Israel seem to be taking the digitalization train to aid fintech in their countries.
Abu Dhabi And Israel Work Together Following Amends In Relations
Speaking at a recent financial technology conference in Abu Dhabi, Ibrahim Ajami, the head of Mubadala’s ventures unit, revealed that it was looking for Israeli fund partners as well as technology firms that entail a high-growth rate. The government-owned, global investment company, Mubadala seeks the aforementioned in order to co-invest to bolster the commercial ties between UAE and Israel.
Back in August, the United Arab Emirates signed an agreement with Israel in order to normalize relations. This peace deal was brokered by the United States and was preceded by President Trump. Following this, both regions have been engaging in several activities. With its latest move, Abu Dhabi’s Mubadala intends to open up opportunities with joint funds and joint ventures. Ajami, however, pointed out that the platform was still in its early stages in terms of evaluation.
Prior to Mubadal’s latest move, the platform had co-invested with Israeli investors all across the globe. However, the state-owned investment platform intends to pave the way for closer ties between the two countries. Ajami added,
“We are always excited about Silicon Valley. But we are also looking at Europe, we’re looking at the Middle East, we’re looking at India and we would like to be very active in China.”
The peace deal has certainly benefited both Israel as well as the UAE as it opens up more trade opportunities. Speaking about the peace deal, Avraham Ortal, the Chief Executive of Israel’s second-largest bank, Bank Leumi added,
“Once the peace agreement was signed we thought that being the leader for connecting Israeli companies and Emirati organisations could be our role.”
Earlier this week, the bank reportedly brought in a delegation of executives to Dubai from Israel. While these execs ranged from energy and tech to real estate, Ortal suggested that they were still in the stage of “planting the seed” and that they had a long way to go.
