For the first time: Saudi Arabia will invest money in Israeli high-tech companies

For the first time ever, Saudi Arabia will publicly invest money within the State of Israel, the Wall Street Journal published today (Saturday). According to the publication, the Saudi money, in the amount of about $ 2 billion, will be invested in Jared Kushner’s fund, with a certain amount of it transferred to investment in Israel, after its partners agreed to allow the investment in Israeli high-tech companies.

The economic move is another sign of Saudi Arabia’s willingness to maintain public relations with Israel, even though there are no official diplomatic relations between the two countries. According to the report, Saudi Arabia agreed to the move due to many persuasions from Kushner, who made it clear to them that “if they do not invest, an opportunity will be missed to invest in Silicon Valley of the Middle East.”

Jared Kushner (Photo: Reuters)

The Wall Street Journal quoted sources involved in the process as saying that “every Saudi investment in Israel has been approved by Prince Muhammad bin Salman.” Despite this, the Saudi Ministry of Communications, as well as senior government officials, did not respond to the publication.

As mentioned, the money will be invested through the Jared Kushner Fund – Affinity Partners, with the money being transferred directly from the Saudi Sovereign Capital Fund. Kushner himself did not disclose which companies would work with the foundation but did note that his work at the White House “helped stimulate historic change in the region, which needs to be further nurtured to reach its full potential.”


Source: Maariv.co.il – כלכלה בארץ by www.maariv.co.il.

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