Israel's OurCrowd to Launch AI Business in U.A.E.

TEL AVIV--Israeli venture-capital firm OurCrowd is investing tens of millions of dollars to start an artificial-intelligence business in the United Arab Emirates, in the latest sign of deepening commercial ties between the two neighbors after they established diplomatic relations two years ago. OurCrowd said it is partnering with Abu Dhabi Investment Office, a government entity responsible for facilitating investment in the U.A.E. The two entities will invest $60 million in total for the expansion, the bulk of which would be used to set up the new AI business, named Integrated Data Intelligence Ltd., according to Jon Medved, founder and chief executive of OurCrowd. The new company will serve as a technical hub for businesses seeking AI as a service. The story of the Abraham Accords isn't one-way investment, Mr. Medved said, but of "how we build stuff together."