Fogel sets up UAE fund for Israeli high-tech investments

Shlomi Fogel and DP World Chairman and CEO Sultan Ahmed bin Sulayem  / Photo: PR

Shlomi Fogel said one of the options discussed was the possibility of the companies that the fund invests in, establishing production plants in one of the UAE's free trade zones.

Israeli businessman Shlomi Fogel has set up a fund for Gulf States businesspeople to invest in Israeli high-tech companies. Fogel, one of the owners of Israel Shipyards, said that a delegation from Abu Dhabi, was hosted in Israel over the past week and met with representatives from 50 high-tech companies. Fogel said that one of the options discussed was the possibility of the companies that the fund invests in, establishing production plants in one of the free trade zones in the UAE such as the Jebal Ali zone in Dubai, where hundreds of companies already operate.

The cooperation agreement between Israel Shipyards and Dubai-based logistics and maritime services giant DP World (Dubai Ports World), which was announced last week, was not only founded for cooperation between the ports but also because of the major interest that DP World has in technology.

The new fund was unveiled last week during a webinar held by theDock innovation hub, an Israel venture capital firm investing in ports, shipping and logistics, which is currently raising its second fund, which will be an estimated $30 million for investment in startups beyond the seed round stage and which UAE investors could also invest in.

Published by Globes, Israel business news - en.globes.co.il - on September 21, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Shlomi Fogel and DP World Chairman and CEO Sultan Ahmed bin Sulayem  / Photo: PR
Shlomi Fogel and DP World Chairman and CEO Sultan Ahmed bin Sulayem / Photo: PR
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