Moshe (Boogie) Ya’alon enters the business sector: The Minister of Defense and former Chief of Staff will head a new Israeli-owned venture capital fund – “Synaptec” from the Avnon Group, established in the United Arab Emirates. “The Avraham agreements have opened the door to strategic cooperation for Israel and the United Arab Emirates that will affect the two countries for many years to come,” Ya’alon said.
The fund, established by the Avnon Group and strategic partners from the Gulf region, will invest in about 20 young start-ups with the goal of bringing the spirit of the Israeli start-up nation to the emirates and realizing the business potential in the defense industry between the two sides. Synaptech’s investment strategy focuses on early-stage start-ups that provide innovative solutions and technologies in various fields such as smart cities, public safety, cyber security and fintech and insurance technologies, with the ability to quickly turn from theory to proven technology.
Along with the fund, the Avnon Group, together with other partners, will establish an innovation center for corporations, where the start-ups will hold part of their development activities. The center will allow partners from the Gulf countries to be part of the development process of the products of Israeli start-up companies, and the companies themselves will receive guidance, assistance and connection to local investors and business development with customers in the Middle East and the Gulf.
“The Avraham agreements have opened the door to strategic cooperation for Israel and the United Arab Emirates that will affect the two countries for many years to come,” Ya’alon said. “As part of the collaboration we will create at Synaptec, we will bring the spirit of the startup Nation and the most advanced technologies we have to offer to the Gulf countries. “We believe that in a short time, Synaptec will become a symbol of peace and economic cooperation between Israel and the United Arab Emirates.”
Ya’alon entered politics in 2008 when he joined the Likud, after a long military career that ended in 2005 after three years as chief of staff. During his years in the Likud, Ya’alon served as defense minister, deputy prime minister and member of the security cabinet. His party merged in blue and white, but split from it after Bnei Gantz decided to join the Likud in forming a government.