A thaw in relations between Israel and the United Arab Emirates has raised expectations of an influx of funding in 'Silicon Wadi', Israel's answer ...
DUBAI: A thaw in relations between Israel and the United Arab Emirates has raised expectations of an influx of funding in 'Silicon Wadi', Israel's answer to Silicon Valley.
"The emotional part is definitely a roller-coaster ride and will take a substantial time to overcome," according to one UAE-based capital markets investor, who declined to be named. The accord, which makes the UAE only the third Arab state after Egypt and Jordan to have official relations with Israel, has stirred dismay in parts of the Middle East although it prompted a cautious welcome from some of the UAE's Gulf allies.With the UAE economy and real estate sector in the doldrums due to the coronavirus, Israel, with its strong tech focus, is an appealing investment alternative for the oil-rich conglomeration of city-states.
The healthcare and information technology sectors, which have thrived during the global pandemic, make up about 36 per cent of the Israeli stock market, with the Tel Aviv Technology index up 32 per cent and the TA-Biomed index up 27 per cent so far in 2020, versus a 16 per cent decline in the bluechip index . Dubai's benchmark index is down nearly 18 per cent year-to-date and Abu Dhabi's is 11 per cent weaker.
Mubadala already has indirect exposure to firms backed by Israeli investors such as online insurer Lemonade via its investments in Softbank's US$100 billion Vision Fund. Mubadala declined to comment and Ajami was not available to comment on any future Israeli investments.
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