November Edition 2020

21 Technology will feature at the heart of the relationship. “Utilizing the benefits of Israeli innovation will serve as an engine of growth and as a basis for successful investments,” sai d Sharon Tzfoni, h ead of the Gulf Desk at Naschitz Brandes Amir. A former representative of the Prime Minister’s Office, Tzfoni has also served as a Second Secretary at the Ministry of Foreign Affairs of Israel in Qatar, and later in Sweden. Yair Geva, w ho heads the Hi-Tech Department at Herzog Fox & Neeman (“HFN”), has just returned from the first Israeli tech delegation to the UAE: "I have been active in the UAE for a few years now and it was my first time on a blue and white passport. We have had great discussions and met with ministers, investors, business groups and entrepreneurs. There is obviously a huge interest in Israeli technology and people are very happy and optimistic about potential future cooperation. Personally, I think this is the beginning of the Golden Triangle - Abu Dhabi-Dubai/Riyadh/Tel Aviv and we could see an opening up to other markets in Asia." His colleague and partn er, Gil White, a t HFN, added: “Clearly, the main areas of investment will be in the areas of technology with real estate not far behind, but we anticipate that there will be wider areas of interest than formpart of the current common assumptions. Israel is a country similar in size of population to UAE and there may be many operating businesses in each country that would look to expand to the other.” “Both countries are indeed start-up focused,” adds Jeremy Lustman, partner at global law firm DLA Piper. “Their general attitudes towards economy and business are very similar. They also both thrive on relationship-building, so that will create a lot of warm friendships that will no doubt lead to deal flow.” Nathan Krapivensky, w ho heads the Israel Group at global law firm Taylor Wessing, also recently visited Dubai as part of a delegation: “On outbound investment into Israel the message was consistent – we want access to Israeli technology, but there must be a strategic angle. Passive investment into various start-ups will, of course, flow – but this is not the main game. “Access to Israeli technology, but there must be a strategic angle”