Two Israeli Companies Join Innovation Program in UAE

OurCrowd and Liquidity participate in a program, launched in 2020 by the Abu Dhabi Investment Office

Two Israeli companies are to open new offices in the United Arab Emirates under a $545 million (€524 million) government incentive program for innovation-driven companies in high-growth sectors. growth such as agri-technology, information technology, health services and biopharmaceuticals, as well as financial technologies and services (fintech).

International venture capital firm OurCrowd, headquartered in Israel, said on Wednesday it would expand its current operations in the United Arab Emirates by opening a venture capital office in Abu Dhabi and an artificial intelligence technology center (IA).

On Tuesday, Israeli fintech company Liquidity Group announced that it had signed an agreement to open an R&D center in the United Arab Emirates.

Karim Sahib/AFP
Karim Sahib/AFPView of Abu Dhabi

Both deals were announced during Abu Dhabi Finance Week 2022.

OurCrowd and Liquidity participate in a program, launched in 2020 by the Abu Dhabi Investment Office (ADOI), which provides financial and non-financial incentives to global companies to develop their intellectual property in Abu Dhabi. According to the UAE government, this program is intended to fuel the development and diversification of the economy.

The two Israeli companies will join some 30 companies around the world that have taken part in the program over the past two years. The UAE has positioned itself as “a gateway for the expansion of financial services businesses, while providing a favorable regulatory environment through the Abu Dhabi Global Market (ADGM),” according to a description from ADOI.

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