(MENAFN- Trend News Agency)
UAE sovereign-wealth fund Abu Dhabi's Mubadala Investment has invested $100 million in Israeli venture-capital firms, 'The Wall Street Journal' (WSJ) reports, according to people familiar with the investments. WSJ adds that the investment in Israel's tech sector, reflects growing business and investment ties between the countries following the Abraham Accords signed in 2020, Trend reports with reference to Globes .
Mubadala Investment Co., which manages $250 billion in assets, has invested up to $20 million in six Israeli-based or focused venture capital firms, including Mangrove Capital Partners, Entrée Capital, Aleph Capital, Viola Ventures, Pitango and MizMaa, a spokeswoman told the WSJ.
Mubadala's investments, which haven't been previously reported, were based on each venture firm's financial performance and the personal ties built between the two teams, after the Abu Dhabi fund met with some 100 investors, a person familiar with the fund told the WSJ.
The fund was set up by Crown Prince Mohammed bin Zayed, a strong supporter of the Abraham Accords, and while the Israeli investments are small compared with Mubadala's size, they are strategic for Abu Dhabi, which hopes to attract startups to diversify its oil-heavy economy.
Entrée Capital managing partner Avi Eyal told the WSJ that he had spent years developing a relationship with Mubadala's head of venture capital, Ibrahim Ajami, before receiving investment from the UAE fund.
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