A general view of ADNOC headquarters in Abu Dhabi, United Arab Emirates, May 29, 2019. Photo: Reuters / Christopher Pike / File.

CTech – OurCrowd, an Israeli online global venture investing platform, announced on Monday that it has received licensing from Abu Dhabi Global Market (ADGM), the marquee international financial center in Abu Dhabi, to operate in the United Arab Emirates (UAE), making it the first-ever Israeli venture capital firm to obtain licensed status with ADGM.

Dr. Sabah al-Binali, OurCrowd’s UAE-based venture partner, who was appointed Senior Executive Officer and Executive Chairman of OurCrowd Arabia, said: “The welcome recognition by the Abu Dhabi regulatory authorities will enable us to create venture funds based at ADGM to invest in technology startups and projects in the UAE and across the region. Our core focus in the initial stage will be on the agricultural, financial, and medical technology sectors.”

In a recent interview with CTech, al-Binali noted that Israeli fintech companies have an incredible opportunity for investments in Abu Dhabi. “Over 20 different banks operate today in the UAE, but there is no justification for that amount. Eventually, the banking system will have to undergo a process of consolidation in which only five banks will remain and 15 will disappear. So Israeli fintech companies have an incredible opportunity for investments in this field here,” said al-Binali.

Jon Medved, CEO and founder of OurCrowd, said: “This historic development, a fruit of the Abraham Accords, will not only allow OurCrowd to raise funds in the UAE, but also promote local Emirati and regional startups to our 160,000 global investors and drive international investments into the UAE’s dynamic startup ecosystem. This is a major step toward developing OurCrowd’s business in the UAE and demonstrates our long-term commitment to the Gulf region.”