from the January 2013 issue

New Arab Hi-Tech investment fund announced

A newly established fund "For Better Future" (FBF) has raised $10 million to invest in Arab start-up companies in Israel. The founder of the fund, Naim Musa is also the head of Akman Business Group, which develops trade relations with Arab companies both in Israel and in the Middle East. In an interview with The Marker Newspaper, Musa said that he represents two international groups of Arab investors and that the fund is intended to raise an additional $40 million to support its work. "The groups investing in the project view the work of Arab engineers as an opportunity and as unfulfilled potential". He added that the fund is intended to supply companies with working spaces and technological infrastructure in return for stock investment in the company. "Our aim is to create a place that will enable companies to promote their ideas", Musa said.

The launch of the fund was announced two weeks ago at a press conference in Nazareth. The co-founders of the fund are businessmen Yaqob Bulus, and Izat Dabbah. According to Musa, Bulus will be responsible for identifying start-ups for potential investment. The hi-tech and entrepreneurship scene in Nazareth has been flourishing in recent months. In September, the city hosted a hackathon event in which 14 teams developed mobile apps for 30 hours. The event was sponsored by companies such as Tsofen and Google Israel. This weekend, the city will host the "Start-Up Weekend". The event will last for 54 hours and will bring together entrepreneurs who will work on various hi-tech projects. Start- Up Weekend Nazareth is organized by Juna Khalili, Sami Abboud and Bishara Rizk and is sponsored by JVP, CISCO Israel, Google, Mercy Corps, NGT, MEPI, NETSTech and the Business Hub in Nazareth.

Reprinted from the Israel High-Tech & Investment Report January 2013

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