Saudi Arabia to back Israeli Startups

Through Affinity Partners, an American private equity firm, Saudi Arabia’s Crown Prince Mohammed Bin Salman plans to invest tens of millions of dollars in two Israeli firms.

Jared Kushner, the ex-American President Donald Trump’s son-in-law and former key adviser, manages the fund.

Jared Kushner, a prominent figure in the Trump administration, was instrumental in brokering the Abraham Accords, or normalisation accords, between various Arab countries and Israel, which resulted in the restoration of diplomatic relations between Israel and the United Arab Emirates, among others.

While Saudi Arabia has yet to formally “normalise” relations with Israel, sources suggest that the Saudi Crown Prince is supportive of a reconciliation. Recent events, on the other hand, indicate to significant indicators of de facto normalisation of relations between the two countries.

According to the Wall Street Journal (WSJ), Kushner’s private equity fund holds more than $2 billion in Saudi Arabian government funds, and the Saudi Crown Prince has approved investments in Israeli ventures.

This is the first time that Saudi funds have been redirected to Israel.