OurCrowd, Israel’s most active venture capital firm, is expanding its operations in Abu Dhabi with a $60 million investment.
It’s opening a new venture capital (VC) office and Artificial Intelligence (AI) tech hub, supported by the Abu Dhabi Investment Office (ADIO), which attracts investment in the emirate.
These agreements have only been possible since the landmark Abraham Accords, which were signed in 2020.
OurCrowd will expand its team based at the Abu Dhabi Global Market (ADGM) to 60 over the next four years, as part of its investment in the emirate. It is collaborating with ADIO to help businesses to easily adopt and leverage advanced technology.
OurCrowd Arabia, which opened in the UAE capital in 2021, is also establishing a new VC investment center in Abu Dhabi to manage deals for its existing platform and cater to emerging markets.
Jon Medved, Founder and CEO of OurCrowd, said: “Following a global search for the most suitable location for IDI (Integrated Data Intelligence, a commercial AI company) and OurCrowd’s new investment center, Abu Dhabi was by far the most fitting destination.
“The World Economic Forum ranks the UAE first in the world in best e-infrastructure and macroeconomic stability, and the third most-trusted government.
“These factors, with numerous other advantages including global talent and market access, underscore why Abu Dhabi is now home to OurCrowd Arabia and OurCrowd’s new AI spinoff, and why we will continue to invest in the innovation infrastructure and talent in the country.”
Eng. Abdulla Abdul Aziz AlShamsi, Acting Director General of ADIO, said: “OurCrowd is a great example of a company that has benefitted from Abu Dhabi’s enabling ecosystem to achieve accelerated growth.
“In just a year, OurCrowd has moved from an initial license to an established market player, with its new investment center and tech hub bringing additional VC and tech specialism to Abu Dhabi and expanding the availability of solutions and technology to companies.”