Israeli venture firm OurCrowd gets license to operate in the UAE

JERUSALEM, Nov 22 (Reuters) - OurCrowd, one of Israel's largest venture firms, said on Monday it received approval and a license to operate in the United Arab Emirates.

OurCrowd becomes the first Israeli venture capital company to receive a license from the Abu Dhabi Global Market (ADGM), the main international financial centre in Abu Dhabi, it said.

OurCrowd Management (Arabia) Limited will operate as a fund manager regulated by the ADGM’s Financial Services Regulatory Authority.

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The move comes after Israel and the UAE normalised relations last year.

CEO Jon Medved said OurCrowd will be able to raise funds in the UAE and also promote local Emirati and regional startups to its 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."

Sabah al-Binali, OurCrowd’s UAE-based venture partner, said the firm will be able to create venture funds based at the ADGM to invest in technology startups in the UAE and across the region.

"Our core focus in the initial stage will be on the agricultural, financial and medical technology sectors,” he said.

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Reporting by Steven Scheer

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