OurCrowd, one of Israel's biggest venture capital companies, is expanding its operations in Abu Dhabi with a new investment centre and an artificial intelligence hub, in partnership with the Abu Dhabi Investment Office.
The venture capital centre of OurCrowd Arabia, which was incorporated at Abu Dhabi Global Market in 2021, will manage deals for its existing platform and cater to emerging markets, the companies said in a joint statement on Wednesday, during Abu Dhabi Finance Week.
OurCrowd and Adio will also launch Integrated Data Intelligence, an AI hub, which will be based at ADGM's Hub71 start-up centre and is aimed at commercialising AI for businesses, the companies said.
OurCrowd will expand its team at ADGM to 60 over the next four years, as part of a $60 million investment by the company in the emirate.
IDI will develop AI solutions that will help businesses adopt and leverage advanced technology. It will use advanced data automation, AI and machine learning models to reduce costs and improve outcomes for data intensive tasks.
The IDI company will be led by Dr Hasanat Dewan, who has led innovation and technology transformation in an executive capacity for global financial institutions including Etrade, BNY Mellon, Russell Investments Group, Merrill Lynch, Deutsche Bank and Morgan Stanley.
The company said OurCrowd Arabia, led by Sabah al-Binali, would significantly increase its venture capital operations.
OurCrowd's decision to expand its operations in Abu Dhabi comes after an intensive global search, Jon Medved, founder and chief executive of OurCrowd, said.
“The World Economic Forum ranks the UAE first in the world in best e-infrastructure and macroeconomic stability, and the third most-trusted government,” he said.
“These factors, with numerous other advantages including global talent and market access, underscore why Abu Dhabi is now home to OurCrowd Arabia and OurCrowd’s new AI spin-off, and why we will continue to invest in the innovation infrastructure and talent in the country.”
The launch of IDI reinforces Abu Dhabi’s commitment to support the expansion of innovative businesses that contribute to the emirate’s knowledge economy.
The UAE has long championed the critical role digital transformation plays in its economy and society, as the country positions itself as a global hub for innovation.
The Emirates is ranked first in the Middle East in the 2021 edition of the Global Innovation Index, cementing its status among the world’s leading countries in adopting the latest technology.
A host of global technology companies, including Microsoft, Google, Amazon and Oracle, have flocked to the Emirates to set up centres to support the country's technological push.
Abu Dhabi leads the Middle East in the global smart city index, ranking 28th, according to a 2021 report from the Institute for Management Development and the Singapore University for Technology and Design.
The partnership between Adio and OurCrowd was made through Adio's innovation programme, which supports local and international companies looking to grow in Abu Dhabi.
Adio has awarded OurCrowd a package of financial and non-financial incentives to accelerate its growth in the UAE capital, it said.
“OurCrowd is a great example of a company that has benefited from Abu Dhabi’s enabling ecosystem to achieve accelerated growth,” said Abdulla Al Shamsi, acting director general of Adio.
“OurCrowd has moved from an initial licence to an established market player, with its new investment centre and tech hub bringing additional VC and tech specialism to Abu Dhabi and expanding the availability of solutions and technology to companies.”
In 2021, Adio established an office in Tel Aviv to support Israeli technology companies that seek to establish and expand their operations in the Abu Dhabi.
THE SPECS
Engine: AMG-enhanced 3.0L inline-6 turbo with EQ Boost and electric auxiliary compressor
Transmission: nine-speed automatic
Power: 429hp
Torque: 520Nm
Price: Dh360,200 (starting)
War
Director: Siddharth Anand
Cast: Hrithik Roshan, Tiger Shroff, Ashutosh Rana, Vaani Kapoor
Rating: Two out of five stars
500 People from Gaza enter France
115 Special programme for artists
25 Evacuation of injured and sick
The years Ramadan fell in May
Story of 2017-18 so far and schedule to come
Roll of Honour
Who has won what so far in the West Asia rugby season?
Western Clubs Champions League
Winners: Abu Dhabi Harlequins
Runners up: Bahrain
Dubai Rugby Sevens
Winners: Dubai Exiles
Runners up: Jebel Ali Dragons
West Asia Premiership
Winners: Jebel Ali Dragons
Runners up: Abu Dhabi Harlequins
UAE Premiership Cup
Winners: Abu Dhabi Harlequins
Runners up: Dubai Exiles
Fixtures
Friday
West Asia Cup final
5pm, Bahrain (6pm UAE time), Bahrain v Dubai Exiles
West Asia Trophy final
3pm, The Sevens, Dubai Hurricanes v Dubai Sports City Eagles
Friday, April 13
UAE Premiership final
5pm, Al Ain, Dubai Exiles v Abu Dhabi Harlequins
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
The End of Loneliness
Benedict Wells
Translated from the German by Charlotte Collins
Sceptre
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
MATCH INFO
Arsenal 1 (Aubameyang 12’) Liverpool 1 (Minamino 73’)
Arsenal win 5-4 on penalties
Man of the Match: Ainsley Maitland-Niles (Arsenal)
UAE currency: the story behind the money in your pockets
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
COMPANY%20PROFILE
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UAE currency: the story behind the money in your pockets
TOP%2010%20MOST%20POLLUTED%20CITIES
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Meatless Days
Sara Suleri, with an introduction by Kamila Shamsie
Penguin
UAE squad
Esha Oza (captain), Al Maseera Jahangir, Emily Thomas, Heena Hotchandani, Indhuja Nandakumar, Katie Thompson, Lavanya Keny, Mehak Thakur, Michelle Botha, Rinitha Rajith, Samaira Dharnidharka, Siya Gokhale, Sashikala Silva, Suraksha Kotte, Theertha Satish (wicketkeeper) Udeni Kuruppuarachchige, Vaishnave Mahesh.
UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – First ODI
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Saturday's schedule at the Abu Dhabi Grand Prix
GP3 race, 12:30pm
Formula 1 final practice, 2pm
Formula 1 qualifying, 5pm
Formula 2 race, 6:40pm
Performance: Sam Smith
LA LIGA FIXTURES
Friday (UAE kick-off times)
Levante v Real Mallorca (12am)
Leganes v Barcelona (4pm)
Real Betis v Valencia (7pm)
Granada v Atletico Madrid (9.30pm)
Sunday
Real Madrid v Real Sociedad (12am)
Espanyol v Getafe (3pm)
Osasuna v Athletic Bilbao (5pm)
Eibar v Alaves (7pm)
Villarreal v Celta Vigo (9.30pm)
Monday
Real Valladolid v Sevilla (12am)
ENGLAND TEAM
Alastair Cook, Mark Stoneman, James Vince, Joe Root (captain), Dawid Malan, Jonny Bairstow, Moeen Ali, Chris Woakes, Craig Overton, Stuart Broad, James Anderson
