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Historical agreement with the United Arab Emirates

In the high-tech market, normalization with the UAE is already becoming a reality

Shortly after the declaration of the agreement, inquiries began to flow to Israel from investors in the Persian Gulf.

Along with business collaborations, the change in international relations will allow Israelis to attend international conferences just a three-hour flight away.

Expected: In the coming years 10% of the investments in the market will come from the Emirates

Tags

• United Arab Emirates

• Investments

• Hi-Tech

Mikey Levy

Saturday, September 05, 2020, 3:30 p.m.

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A few hours after the announcement of the normalization of relations with the United Arab Emirates, GO Digital's LinkedIn account from "Hachshara Insurance Company" began receiving dozens of requests for cooperation.

Subsequently, 70 inquiries from businessmen from the Emirates have already been counted.

"By the type of people and the content of the referrals, I understood that they were testing our product," said Sami Berkowitz, head of the company's information systems department.

"Most of the inquiries came from investors, consultants, insurance company executives, fintech and inshortech (technology insurance - ML) people, and more.

Surprisingly, these are senior management levels and above that are interested in collaborations as well as investments.

With quite a few of the referrals, we also initiated follow-up talks, "Berkowitz added, revealing that one of the referrals that arrived was from the large brokerage firm in Abu Dhabi.

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One of the richest countries in the world.

Abu Dhabi, United Arab Emirates (Photo: Reuters)

The UAE is ranked 11th in gross domestic product (GDP) per capita and is considered one of the richest countries in the world. Along with the large capital is a great hunger for investment in high-tech companies and innovative developments. So far, Israeli companies have benefited from foreign investment. that the new agreement will change the picture.

two days after the declaration of the President of the United States Donald Trump on 13 August, the government investment Corporation of the United Arab Emirates, APEX, has signed a strategic agreement with bio-tech industry Tera joint development of corona virus detection device. Along with collaborations and agreements, Dubai holds hundreds of technology conferences every year in broad fields such as cloud infrastructure, fintech and engineering, and now Israelis, and especially Israeli companies, will be able to take part.

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To the full article

Berkowitz (Photo: Rami Zranger)

The business potential in the field of digital insurance in the UAE is particularly large, as the field is still in development.

According to Berkowitz, "The digital insurance world in the Arab world is in its infancy, and it seems that the United Arab Emirates, which are considered very advanced, are interested in entering the field and learning the technological tools our company knows how to produce. Once Arab insurance companies have access to their customer data. Deeper on each customer and in fact provide him with a more tailored, efficient and smart product than before. "

Conferences three hours flight away.

El Al plane lands for the first time in the UAE, this week (Photo: Reuters)

Vishnitzky (Photo: Rafael Saban)

Omri Vishnitzky, co-founder and VP of business development and marketing in the NANO Casual Jobs app, also welcomed the normalization of relations. "The agreement with the Emirates opened up a whole business world and with it plenty of opportunities for Israeli entrepreneurs and start-ups," he said. For months we had not imagined that the corona would arrive and the demand for casual jobs would reach such dimensions.

Processes that we expected to happen within a year took place within a few weeks, and today, about five months after launch, we are with over 30,000 users and hundreds of active businesses.

At the same time, we are already in the process of signing a first deal with a large client in the United States.

"" Once we heard about an agreement with the Emirates, we began to study the field and examine the investor sector there, "We have already received a number of inquiries from funds and private investors from Dubai and we are considering building a 'Road Show' of sales meetings with investors across the Emirates soon."

The quickest way to extensive activity

Oron (Photo: Yoram Reshef)

Yifat Oron, CEO of Leumitech of the Leumi Group, explained that the world of investments in Israeli technology is in the international arena from its leaders through it. Oron explained that "the industry has always been interesting for global investors and technology players.

Investments in Israeli venture capital funds came from outside Israel.

On average, 85% of investments in Israeli high-tech companies are foreign money.

Thus, the volume of foreign investment in Israeli high-tech companies in 2019 was about nine and a half billion dollars, and this is joined by investments (mostly foreign) of about 2.6 billion dollars in venture capital funds. "

According to Oron," The source of these investments was mainly from the United States, And a certain part of China.

The Middle East region did not invest directly in Israeli companies or venture capital funds.

In light of the new relationship, significant investment volumes can be expected, which can reach up to 10% of the volume of investments in Israeli high-tech within a few years, directly or through funds.

The level of interest in the area in Israeli technology is supported by the fact that the Emirates has many years of expertise in investing in technology all over the world.

The interest in the specific technologies that Israel is good at, including cloud, fintech and tourism exists.

This is a fast way to extensive activity. "

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