הבנין של jvp במנהטן
JVP's offices in New York City
Photo: JVP
JVP's offices in New York City

Israeli venture capital firm JVP in talks for potential UAE innovation center

CEO of Jerusalem-based company says had received 'all kinds of offers' to join planned tech hub in Abu Dhabi following normalization of business ties with Israel

Reuters |
Published: 10.26.20 , 20:46
Israeli venture capital firm Jerusalem Venture Partners (JVP) is in talks with potential partners in the United Arab Emirates to set up an innovation hub there, its chairman said on Monday.
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  • JVP Chairman Erel Margalit has met with potential partners and looked at at least one possible site for a hub during a visit to the UAE this week.
    הבנין של jvp במנהטןהבנין של jvp במנהטן
    JVP's offices in New York City
    (Photo: JVP)
    "We can do it soon but we need to see that the interest is real and that we are embarking on something big together," he told Reuters at a Dubai hotel.
    "It needs to be something big because, as an investor, you always want to be in a place where the most innovative things in the world are being done," he said, suggesting a public-private partnership could benefit such a center.
    The Gulf Arab state has a nascent tech start-up scene largely driven by the government, while Israel, known as the 'startup nation', has a thriving private sector.
    אראל מרגלית, יו"ר JVPאראל מרגלית, יו"ר JVP
    JVP Chairman Erel Margalit
    (Photo: JVP)
    The UAE and Israel announced in August they would establish formal ties. They signed the agreement a month later, breaking decades of Arab anti-Israel policies. Bahrain and Sudan have since announced similar agreements with the Jewish state.
    JVP opened a cybersecurity center in New York City earlier this year after being chosen by the mayor's office.
    Its main center is in Jerusalem, alongside a cyber lab in southern Israel and a food tech hub in northern Israel.
    JVP's main offices in Jerusalem JVP's main offices in Jerusalem
    JVP's main offices in Jerusalem
    (Photo: Reuters)
    Dubai opened an innovation center in 2016, while Abu Dhabi set up a tech hub last year.
    JVP has received "all kinds of offers" for a potential hub in the UAE, Margalit said.
    He did not identify who JVP has held talks with but said a hub could focus on artificial intelligence, healthcare or food tech.
    "It is very clear people are interested in working with us out in the open," Margalit said.
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