U.A.E. Just Invested $100 Million in Israel’s Tech Sector as Both Countries Get Closer

Abu Dhabi’s Mubadala Investment Co., which manages $250 billion in assets, 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, according to a spokeswoman.

Avi Eyal, the managing partner of Entrée Capital, said he spent years developing a relationship with Mubadala’s head of venture capital, Ibrahim Ajami, before receiving investment from the Emirati fund. After first meeting at a dinner in London, the two executives co-invested in startups and Mr. Ajami invited his Israeli counterpart to be a panelist at a conference in Abu Dhabi in February 2020, before the accords, when the two publicly shook hands on stage.

“It’s all grown from relationships, getting to know people and not chasing a buck,” said Mr. Eyal, whose fund has also now invested roughly $15 million in U.A.E.-based startups.