Global securities crowdfunding platform OurCrowd will open a global artificial intelligence innovation center in Abu Dhabi later this year, according to a report.
The new center is part of the ongoing initiative to connect countries that have normalized relations with Israel because of the Abraham Accords. OurCrowd is one of the largest early stage marketplaces in the world connecting accredited investors along with institutions to promising young firms. While many portfolio companies are located in Israel, OurCrowd takes an international approach to funding private companies around the world. The Abraham Accords opened up an entirely new market where investors in certain MENA countries may now back OurCrowd listed companies and OurCrowd may provide a conduit for investors in middle eastern startups.
Sabah al-Binali is partner and executive chairman of OurCrowd Arabia. Earlier today, he told JewishInsider that “Israel and the UAE can serve as a gateway for one another. The Emiratis, who are active in Africa and Southeast Asia, can open up new markets for Israel. And Israel’s close ties with the U.S. are attractive for Emirati companies.”
OurCrowd has long targeted specific investment sectors and AI is a segment of innovation OurCrowd has been quite active. The Times of Israel reports that the new AI center will be an “internal startup” that will “provide advanced financial services and could prove as a model for additional projects in other industries such as Medtech (medical technology) and Agtech (agricultural technology).”
The same report notes that there is a lot of room for collaboration but Israeli entrepreneurs want to “move fast” while Emiratis move a bit slower.
Regardless, proximity and the need to support innovative young firms aiming to provide services globally means launching an innovation center connecting the two markets should be mutually beneficial. Israel is one of the most innovative countries in the world and the UAE is a key financial sector looking to improve upon its entrepreneurial ecosystem.