Reportedly, Synaptech Capital, a UAE-based company, announced a new $100m fund on Wednesday aimed at investing in UAE and Israeli technology startups.
The firm, which is supported by the Avnon Group, an Israel-based company, said that the fund will focus on five key pillars: fintech, insuretech, smart cities, public safety, and cybersecurity.
“The Abraham accords have opened the door to Israel and the United Arab Emirates for strategic cooperation that will affect the two countries for many years to come,” Moshe Ya’alon, chairman of Synaptech Capital and former Israeli vice prime minister said in a statement.
“As part of the collaboration we will create at Synaptech, we will bring the spirit of the start-up nation and the most advanced technologies we have to offer to the Gulf States. At the UAE Innovation Center, we will allow Israeli technology companies to recruit strategic investors and develop their products according to market demands in collaboration with their future customers in the Gulf. We believe that in a short time, Synaptech will become a symbol of peace and economic cooperation between Israel and the United Arab Emirates,” he added.
The announcement comes as relations between Israel and the UAE continue to develop following the signing of the historic Abraham Accords in August 2020.
In June last year, Israel-UAE bilateral trade reached over AED2.5 billion ($675.2 million), an Israeli diplomat said at the time, and in December Emirates Airline launched a daily non-stop flight between Dubai and Tel Aviv, Israel.
To conclude, in the same month, Israel invited UAE Crown Prince, Sheikh Mohammed Bin Zayed Al Nahyan to visit the country and said that a free-trade agreement would help accelerate ties between the two countries. Earlier that month, Israel’s prime minister, Naftali Bennett, met the Crown Prince for ground-breaking talks in Abu Dhabi, UAE.
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