Israel Active

UAE-based private equity and venture capital fund KEN Investments has led a $5.8 million investment in Israel’s Salaryo, which provides credit and digital banking services to small businesses in the U.S. It is said to be the first time an Emirati fund has openly invested in an Israeli company.

Israel’s Scoop Shoes is opening five stores in Dubai and Abu Dhabi, the first such endeavor for an Israeli retailer. Scoop’s owners, brothers Ronnie and Freddie Insaz, partnered with Bethlehem businessman George Bassus, who has offices in Dubai, to establish the venture.

The Southern California Israel Chamber of Commerce is publicizing a webinar (Mon 14 Sep) featuring the UAE’'s new Minister of Economy, Abdulla bin Touq Al Mari, on the business implications of the historic Abraham Accord.

The Tel Aviv Municipality along with Google and Microsoft and others are to hold Israel’s “biggest 24-hour online bootcamp” on 15th & 16th Sep. The aim is to turn the ideas of at least 100 of the 500 participating fledgling entrepreneurs into new startup companies.

Despite having no vehicle manufacturing companies, Israel has been accepted as a member of the International Organization of Motor Vehicle Manufacturers (OICA). Israel’s advanced auto-tech industry was sufficient qualification.

Israel’s reserves of foreign currency rose by another $4 billion to a more than $161 billion – the fifth consecutive month they have reached record levels.

Israelis Orit Alperovitz and Inbal Polak were sick of being the only women in the room, so, they started a women-only investor club. NEOME was founded for the explicit purpose of getting more women involved in investments. It has 50 members, meets every month and has made major investments.

Saudi Arabia and Bahrain have formally agreed to allow all aircraft, including Israeli, to use their airspace. Meanwhile, UAE’s Etihad Airways has started selling tickets to Israelis, with direct flights between the UAE and Israel expected within just a few weeks.

The US State of Pennsylvania has given a grant of $300,000 to help advance the clinical testing of opaganib from Israel’s RedHill Biopharma (reported previously). The grant is part of the state’s program supporting the rapid advancement of promising novel COVID-19 therapies.

Israel signed its first official agreement with the United Arab Emirates. A joint committee was set up to advance cooperation in finances and investments. The UAE formally ended its economic boycott of Israel and signed a decree to build ties in business, tourism, tech, research, energy, and academia.