Riyadh Looking to Invest Millions in Israeli Tech
In recent news, Saudi Arabia has planned to allocate no less than millions of dollars for investments to be made in tech companies in the State of Israel. This investment will take place through the new private equity corporation of Jared Kushner’s, as revealed by a report that cited the people involved in the investment plan. Kushner, who is the son-in-law of Donald Trump, the former president of the US, set up his firm in the last few months of the previous year. Being an ex-senior adviser, he has raised around $3 billion as part of his committed funding from investors across the globe. One of these investors is Saudi Arabia.
The published report further revealed that Riyadh has had its eye on two companies in Israel for the purpose of investment. However, the names of these companies were not disclosed, nor the sectors in which these operate. It was also added that the investment that is going to come soon will be the first from the Saudi Public Investment Fund. It will be made directly to the Jewish state, which is a sign that the kingdom is willing and ready to do business with the country. This is going to happen despite there being no diplomatic ties between the two states.
Just last December, a report surfaced that stated that Affinity Partners had hired around 20 people and planned to focus on various US-based investments, along with those in the Middle East. It was also disclosed that around $450 billion of the Saudi Public Investment Fund was being negotiated by Kushner, as it could prove to be a considerable and significant investment in his firm. In addition, sources talked about how Saudi advisors initially hesitated to contribute to the fund. Eventually, the de-factor leader of the country and the Crown Prince, Mohammed Bin Salman, intervened and convinced the relevant partners to ensure that the funds went through to Affinity Partners.
There is no denying that Kushner and Bin Salman share close ties, which date back to when the son-in-law of the former president was in the White House. In the year 2018, it was widely rumored that the Crown Prince had Kushner in his pocket amidst the crackdown in anti-corruption in the kingdom. At the time, there had been dissidents and critics in the country. Earlier in the year, it was also said that Kushner will soon be opening an office in the Jewish state to promote business relations between various countries, such as Israel, Gulf States, North Africa, and India. One of the last acts that Kushner carried out as the president’s adviser was to broker the normalization deal between the United Arab Emirates and Israel.
He also made sure to include Sudan, Morocco, and Bahrain in the contract and labelled the treaty as the Abraham Accords. Kushner made sure to lay special emphasis on peace in the Middle Eastern Region by way of economic development and investment. The son-in-law was also at the forefront of Trump’s campaigns in 2016, as well as 2020, but has made it clear that he will not be taking part in any campaigns going forward.