Photo Credit: Yonatan Sindel / Flash 90
Jared Kushner at the official opening ceremony of the US Embassy in Jerusalem on May 14, 2018.

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 Saturday.

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

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“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.

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 US Secretary of the Treasury Steve Mnuchin.

The report added that Mnuchin’s fund has invested in Israeli startups operating in the United States, such as Zimperium and Cybereason, which have agreements with the US Department of Defense.

“While Mnuchin’s fund has invested in Israeli companies through their US subsidiaries, Kushner’s fund is expected to go one step further and invest Saudi money directly in Israeli companies – a symbolic measure that demonstrates the readiness of Saudi Arabia to be a part of the Israeli economy,” Globes reported.

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