Saudi Arabia to invest millions of dollars in Israeli start-ups

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Riyadh, Saudi Arabia. Credit: Mohammed Younos/Shutterstock.

Saudi Arabia selects two Israeli firms for investment via Jared Kushner’s new fund.

 Saudi Arabia will invest millions of dollars in Israeli start-ups, and has selected the first two Israeli companies for investment, The Wall Street Journal reported on Saturday.

The investments will occur through a new private equity fund set up by Jared Kushner, son-in-law of former U.S. President Donald Trump and the former special U.S. envoy to the Middle East for the Trump administration.

“Affinity Partners, which has raised more than $3 billion, including a $2 billion commitment from the kingdom’s sovereign-wealth fund, has already selected the first two Israeli firms to invest in,” said the report.

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The Saudi investment decision reflects a further warming of the unofficial ties between Riyadh and Jerusalem, according to the report.

Israeli business daily Globes stated that the Saudi Arabia sovereign wealth fund has also invested in the private equity fund of former U.S. Secretary of the Treasury Steve Mnuchin, adding that Mnuchin’s fund that has invested in Israeli startups operating in the United States, such as Zimperium and Cybereason, which have agreements with the U.S. Department of Defense.

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