Abu Dhabi bets on extending longevity with new biotech hub

The UAE, which created a ministry to promote tolerance and coexistence nearly 10 years ago, is now making longer life expectancy into a national project, tapping a young female biochemist to lead its investment campaign.

Fatma Almulla, an expert in Mideast healthcare finance, was appointed this month to head the Abu Dhabi Investment Office’s new initiative called HELM, which stands for Health, Endurance, Longevity and Medicine. The Mubadala sovereign wealth fund is a strategic partner.

In the new post, Almulla, 31, will seek to develop a cluster of alliances with some of the biggest pharmaceutical companies and healthcare firms – part of an effort to make the UAE a world leader in medical innovation. HELM aims to raise more than $11 billion in investment over the next 20 years.

“The UAE has the right to win in this global marathon,” Almulla said in an interview with The Circuit last week in Abu Dhabi. “In five years, I expect to see five big pharma companies with production facilities established here.”

Before assuming the HELM post, Almulla spent a decade abroad, earning two master’s degrees at the University of Glasgow and a doctorate in biochemical engineering at University College London. For the past two years, she’s worked at GKSD Investment Holding, a Milan, Italy-based consulting firm focused on healthcare and engineering, where she rose to become Vice President and Advisor to the Chairman on business development in the Middle East.

Almulla, who was named in 2023 to the Forbes Middle East “30 Under 30” list that spotlights the region’s upcoming leaders, said HELM will cultivate biotech startups in the UAE and Middle East through funding, mentorship and networking opportunities.

Fostering research in such fields as genomic medicines and advanced therapies through AI-powered diagnostics, Almulla said, should help people in the UAE lead longer and healthier lives.

The interview has been edited for length and clarity.

How would you describe the mission of the new HELM initiative?

The cluster brings together an integrated and powerful ecosystem designed to drive innovation, attract global investments, and position Abu Dhabi as a global leader in life sciences. In this group, we are welcoming global pharma companies across biotech, pharma, MedTech, and digital health.

Not only big pharma companies. We also work with startups such as biotech and health tech ventures. We help them by linking them to our accelerators, such as Hub71, which gives them access to funding, mentorship, and networking opportunities in the Middle East. At its core, the cluster will enable advancements in genomic medicines, advanced therapies, and AI-powered diagnostics. Our niche is clear in terms of longevity and wellness.

Why is this program important for Abu Dhabi, in particular, and for the UAE and the Middle East overall?

The healthcare sector is very important. The size of this market is expected to grow to 93 trillion dirhams ($25.3 trillion) by 2045. Currently, the life sciences market alone is at 7.7 trillion dirhams and will grow to 40 trillion dirhams by 2045.

The UAE has the right to win in this global marathon. It has many advantages. For example, a third of the world’s population is within a four-hour flight from the UAE. More than 90% of global pharma companies have a presence in the UAE. We also have the second-largest national human genome project. Clinical trial approval in the UAE usually takes no more than 28 days, thanks to our streamlined regulators like the Department of Health.

We are helping these companies access the Middle East, Asia, and Africa regions, who are looking to expand in the region. As I mentioned with the market size and growth, there will be twice the demand for healthcare solutions. That means there will be a need for better and quicker therapies, advanced therapies, and genomic solutions.

How much investment can HELM potentially generate?

We expect the cluster will unlock 42 billion dirhams ($11.4 billion) in investments. It will contribute 94 billion dirhams in incremental GDP growth and create around 30,000 new jobs – all by 2045.

Which major institutions are supporting HELM?

Mubadala is one of our strategic partners. They already have a global life sciences investment platform. ADQ also has major investments in life sciences. Being part of the cluster allows us to leverage those assets. We collaborate with them to assess new investments. One of their recent investments was in a manufacturing platform, and now they are exploring bringing parts of that to Abu Dhabi.

We’re working with UAE University, Khalifa University, NYU Abu Dhabi, and Mohamed Bin Zayed University of Artificial Intelligence. Partnerships with international universities are also in the pipeline. For regulations, we work with the Department of Health and the ADGM. For R&D, we work with Masdar as an innovation center. For infrastructure, we have KIZAD (Khalifa Industrial Zone Abu Dhabi), Masdar, and the Abu Dhabi Airport Free Zone. For talent development, we partner with universities globally.

We still need to develop specialized programs in areas like biopharma, biotechnology, and genomics. We’re also creating opportunities for postdoctoral and postgraduate studies. Talent development is an integral part of the cluster.  We’ll know more when we announce deals with pharma companies.

In a nutshell, what are your short-term and long-term goals?

Our vision is for 2045. But in five years, I expect to see five big pharma companies with production facilities established here. Building a full substance and formulation facility takes about four to five years. Capital deployment happens immediately.

If we close deals in the next two years, I believe by the five-year mark, we’ll see many of the big pharma companies here. We’re already working with some of them – that will attract others.

Saudi Arabia startups leads MENA region VC investment

While Silicon Valley venture capitalists continue making pilgrimages to Saudi Arabia in search of cash, the kingdom’s native startups are drawing more investment from other countries than its Gulf peers.

For the second consecutive year, Saudi Arabia was on the receiving end in 2024 of $750 million to lead the MENA region in collecting VC investments, according to a report by MAGNiTT. The UAE followed with $613 million.

On the providing end, government-owned Saudi Venture Capital Co. has committed $1 billion in investments since its inception in 2018, Arab News reports.

Adding contributions from partners raises the total to $4.8 billion over the six-year span, spread among VC, private equity, debt and private credit markets, according to SVC’s latest Impact Report.

“We are committed to further stimulating the private capital ecosystem in Saudi Arabia by launching required investment programs and developmental initiatives based on an analysis of the ecosystem’s needs,” SVC’s CEO Nabeel Koshak said in the report.

Saudi Arabia’s Public Investment Fund, meanwhile, is in talks for a $3.1 billion loan guarantee with Sace, the Italian insurer and export credit agency, Bloomberg reports. If negotiations reach an agreement, Sace will provide guarantees to a group of international banks for a range of Saudi projects.

The talks follow Italian Prime Minister Giorgia Meloni’s trip to Saudi Arabia last month, where she met Crown Prince Mohammed bin Salman and the two countries agreed on deals worth $10 billion.

Oryx invests Gulf sovereign cash in early-stage MENA startups

When London-based Salica Investments launched its Oryx Fund four years ago, the central strategy was to nurture early-stage startups in the Middle East and North Africa, preparing them to take calculated risks and reap higher returns.

Backed by Saudi Arabia’s Jada Fund of Funds, the Saudi Venture Capital Company, UAE-based Mubadala and state-owned investors in Oman and Jordan, the $50 million fund now operates from offices in Dubai, Abu Dhabi, Riyadh and Muscat, Oman.

Some of the standout companies in Oryx’s portfolio are digital mortgage platform Holo, quick delivery service Barq and Grubtech, which modernizes restaurant operations.

In an interview with The Circuit, Ivo Detelinov, a General Partner in both Salica and Oryx, said the fund looks for startups that address “big themes,” such as digital economics, construction technologies and connected communities. Detelinov is a Board Member of the Middle East Venture Capital Association.

Sara Enan, a Principal at Oryx who also joined the interview, said she’s “magnetized by founders who see blind spots in complex markets. Some of my most exciting finds have been women entrepreneurs in rigid sectors.”

Among Oryx’s successes was co-leading last July’s Series A funding round for 44.01, a climate tech startup based in Oman, which raised $37 million. In October, the fund participated in a $3.7 million pre-seed round for Neuphonic, a text-to-speech AI startup based in London that is seeking to expand in the GCC market. The interview has been edited for length and clarity.

What trends do you see in the Middle East that are driving Oryx’s investment strategy?

Sara Enan: As we enter 2025, we see four key trends shaping MENA’s venture landscape: the continued growth in Embedded FinTech, ConstructionTech, FoodTech, and Real Estate Tech; increasing AI integration across regional technology solutions; the return of mega deals fueled by international investor interest; and the emergence of regional technology IPOs.

Are there specific sectors or industries that Oryx Fund is particularly interested in when making investments?

Ivo Detelinov: We have witnessed the MENA VC ecosystem reach its third iteration – MENA 3.0. – whereby the MENA region emerges as a hub for globally innovative startups. When evaluating sectors, we first look at “big themes”, such as digital economics, construction technology and connected communities. Within these broad themes, we particularly like technology verticals that drive consumers and businesses through access to embedded finance, improved productivity, or those that enable individuals through innovative technologies to receive better, faster and more cost-efficient delivery of healthcare or education.

What are the most exciting aspects as a VC investor of identifying startups that show real promise?

Sara Enan: When I scout for investments, I’m magnetized by founders who see blind spots in complex markets. Some of my most exciting finds have been women entrepreneurs in rigid sectors who showed me a completely different way of looking at old industry problems.

How does Oryx approach risk when evaluating new opportunities in the Middle East?

Ivo Detelinov: We are particularly focused on understanding the regulatory/licensing process in industries that are subject to regulation in our region. Our team works extensively with regulators in our main geographical markets in a continuous effort to keep current with not only what the current regulation is, but also with where the direction of future regulation may be going next. Other risks inherent in our industry are assessing the competition and the risk that the technology we invest in becomes obsolete in the future. Our extensive due diligence process and collaborating with our colleagues in Europe help us understand and manage these risks well.

What key principles or values guide your investment decisions?

Sara Enan: We focus on three core areas: First, we identify technology verticals with accelerating momentum that create tangible value for clients across B2B, B2G, and B2C sectors. Second, we seek founders who combine a growth mindset with the ability to build empowering cultures. Third, we bring a mission-driven approach, aligning with our portfolio companies on value creation while maintaining transparent relationships throughout our journey together.

How do geopolitical factors, such as regulatory changes or regional instability, influence your investment decisions?I

Ivo Detelinov: Our decade-long experience in MENA venture capital has been marked by stability and growth, supported by forward-thinking regional policies. We maintain close relationships with regulatory bodies across financial services, healthcare, and other key sectors. This stability, combined with visionary economic policies, continues to drive the region’s robust growth trajectory.

The Daily Circuit: Neom faces budget cuts + Jordan’s tech startups

👋 Hello from the Middle East!

Today in The Daily Circuit, we’re looking at fresh venture capital funding for Jordanian tech startups, new scrutiny by Republicans in Congress of Microsoft’s $1.5 billion AI deal with UAE-based G42, China’s efforts to stoke trade with Saudi Arabia and the arrival of Lebron James and Team USA in Abu Dhabi on their way to the Paris Olympics. But first, Neom’s builders confront the reality of lower oil prices.

Neom, the flagship mega-project of Saudi Crown Prince Mohammed bin Salman’s Vision 2030 economic roadmap, is facing budget cuts. The development along the Red Sea coast is expected to be allocated 20% less than its targeted budget for this year, Bloomberg reports. The revision comes as the kingdom reconciles lower-than-expected oil prices and foreign investment that has it on track for at least three more years of projected national budget deficits.

Saudi Finance Minister Mohammed Al-Jadaan has previously said the eight-year-old Vision 2030 plan may face delays because the kingdom needs to be careful about “overheating” the economy – which may cause inflation to rise. 

“If you don’t allow your economy to catch up with your projects, basically what will happen is you’ll import a lot more,” Al-Jadaan said at the Qatar Economic Forum in May. As a result, Saudi Arabia could lack the factories and other capacity needed to support its plans. “So giving it more time is actually wise,” he said.

Modifying the vision is not necessarily a bad sign, analysts told Bloomberg, echoing the Finance Minister’s comments. The “rightsizing” of projects is a sign the kingdom is maturing, according to Goldman Sachs’ MENA Economist, Farouk Soussa. 

“What they’re doing in terms of adjusting these projects gives us a lot of comfort,” Soussa said. “They’re basically saying they’re not going to go for broke or bet the house on any one particular thing. If it’s possible, they’ll do it. If not, they won’t. They’re being quite sensible.”

📈 Rights Issue: Saudi Arabia’s Ayyan Investment Co. will launch a new share offering next week, seeking to raise $53 million in a rights issue representing 24.8% of its capital.

🕌 Islamic Bond: A $500 million sukuk, or Islamic bond, issued by the UAE’s Sharjah Islamic Bank and traded on the Nasdaq Dubai exchange, was oversubscribed threefold with orders totaling $1.5 billion.

🏗️ Construction Errors: Buildots, an Israeli startup that enables construction companies to overcome inefficiencies and prevent errors through AI technology, secured $15 million in funding led by Intel Capital.

Sheikh Mohammed bin Rashid, UAE Vice President, Prime Minister and Ruler of Dubai, met with local dignitaries, business people, investors, senior officials, and heads of private sector entities at the Union House in Dubai on Thursday. The meeting was attended by Sheikh Ahmed bin Mohammed bin Rashid, Second Deputy Ruler of Dubai and Sheikh Ahmed bin Saeed, President of Dubai Civil Aviation Authority and Chairman and Chief Executive of Emirates Airline. 

July 2-Aug. 25, Riyadh, Saudi Arabia: Esports World Cup. An international competition for professional gamers with a $60 million prize pot. Boulevard City.

July 9-13, Sun Valley, Idaho: Sun Valley Conference. Sponsored by Allen & Co., the annual “summer camp for billionaires” brings together some of the world’s most influential leaders in finance, tech, entertainment and politics. Sun Valley Resort.

July 15-17, Abu Dhabi, UAE: USA Basketball Showcase. The 2024 USA Basketball Men’s National Team will host the national teams of Australia and Serbia for three matches. Etihad Arena. 

July 15-26, Granada, Spain: ADIA Lab International Summer School. A course of lectures and case studies to explore the critical role of trust and safety in AI, examining the ethical, technical and societal implications of AI applications. University of Granada. 

July 16-19, Aspen, Colo.: Aspen Security Forum. Pentagon leaders, defense contractors and security officials from around the world meet for a four-day conference. Aspen Institute.

July 27-Aug. 4, Washington D.C. Mubadala Citi DC Open. Tennis tournament featuring nine of the world’s top 20 players. Rock Creek Park.

Aug. 12-15, Riyadh, Saudi Arabia: Saudi Food Expo. One of the kingdom’s largest trade shows for the food & beverage industry. Riyadh Front Exhibitions. 

Sep. 30-Oct. 2, Dubai, UAE: Future Hospitality Summit. The global conference for leaders in the hospitality industry expands this year at a new location with dedicated space for ESG planning, country pavilions and a larger exhibition area. Madinat Jumeirah.  

AI startups test the waters in Saudi Arabia’s tech push 

Lured by generous housing allowances, free office space and potential government partnerships, startup founders are increasingly looking at Saudi Arabia as a home for their emerging artificial intelligence companies.

DXwand, a Cairo-based startup that uses conversational AI to help businesses automate customer service, is taking full advantage of Saudi largesse and now operates out of an office in Riyadh. SambaNova, a Palo Alto, Calif.-based chipmaker, is still testing the waters, recently sending two employees to scout potential commercial partnerships and land deals.

The incentives are especially attractive for larger companies such as Vast Data, a $9.5 billion maker of software to manage AI’s massive data storage demands. Having already established a strong presence in the Middle East market, Vast Data is moving its regional headquarters from Dubai to Riyadh – and reaping dividends.

“Our relocation wasn’t just about moving offices; it signified a strategic shift,” Abdullah Al Gallaf, Vast Data’s Country Manager in Saudi Arabia told The Circuit. He pointed to Saudi Arabia’s ambitious Vision 2030 and strong commitment to funding technological advancement as key drivers for the change of HQ.

Vast Data is part of a wave of companies moving to the kingdom to expand their business, a phenomenon that Saudi Crown Prince Mohammed bin Salman is banking on as the government pour billions of dollars into efforts to make them happy.

The campaign to attract international businesses carries a carrot and a stick. Large companies that do not establish a regional headquarters in Saudi Arabia are barred from receiving government contracts under a law that took effect at the beginning of this year. Goldman Sachs last month became the first Wall Street investment bank to obtain a license to set up a Riyadh HQ.

Incentives for promising startups are spelled out in the kingdom’s National Strategy for Data & AI, which aims to create a $20 billion AI sector through private and government investments by 2030. Alat, a new Saudi tech fund backed by the Public Investment Fund, has pledged to invest $100 billion to develop partnerships and build advanced manufacturing capabilities in the AI sector.

“By establishing our headquarters in Saudi Arabia, we’re not just moving offices, we’re moving closer to the action,” Al Gallaf said. “This physical presence allows us to foster partnerships and actively contribute to the kingdom’s vision for the future.”  

Saudi Arabia’s Ministry of Investment offers a smorgasbord of inducements for foreign companies with its new Regional Headquarters (RHQ) program. Those include unlimited visas for employees, a 10-year exemption from so-called Saudization requirements that encourage hiring local employees, exemption from professional accreditation for employees with valid home-country accreditations, a zero-percent corporate income tax, and a withholding tax rate for 30 years after the RHQ licence is issued.

“Streamlined business regulations and strong support for research and development have been a major driver,” Al Gallaf said.

AI-driven companies are particularly sought by the kingdom, which offers comfortable housing allowances and free office space as bait. New government-backed investment funds and a dedication to building state-of-the-art infrastructure is aimed at supporting the emerging startup ecosystem.

Saudi Arabia’s AI sector has the potential to contribute $135 billion to the Saudi economy by 2030, exceeding the Vision 2030 forecast, according to global professional services firm PwC.

“We see immense potential to contribute to the kingdom’s technological leap, particularly in sectors like healthcare, finance, and logistics, where AI-driven solutions can significantly improve efficiency and outcomes,”Al Gallaf said..

The company’s partnerships with local entities like MBUZZ, a Saudi distributor of tech tools and software, and collaborations with Nvidia, Google Cloud, AWS and Hewlett Packard Enterprise, “significantly expand our footprint” across the kingdom, Al Gallaf said.

That includes partnering with public institutions such universities and government agencies, which, based on the new headquarters law, are only open to Vast Data because of its move to Saudi Arabia.

DXwand founder and CEO Ahmed Mahmoud told The Circuit he opened the office in Saudi Arabia to gain “strategic advantage, access to a burgeoning market, and the opportunity to contribute significantly to the region’s transformative vision.”

Mahmoud said the company already has partners in the kingdom such as insurer BUPA Arabia and is aiming to multiply its client base with the establishment of a local office in Riyadh by mid-year, employing 4 out of its 44 employees. DXwand raised $4 million in January to fuel its expansion.

“Saudi Arabia is developing several innovation hubs and tech cities, such as NEOM and King Abdullah Economic City, which attract top talent and foster a culture of innovation” he said. “DXwand can benefit from access to a skilled workforce and a vibrant ecosystem for research and development.”

SambaNova has strong reasons for building up operations in Saudi Arabia, even if it hasn’t established a headquarters in the kingdom yet, Senior Vice President of Product Marshall Choy told The Circuit.

“We are making a strategic investment in Saudi Arabia because the region – like the U.S. – believes AI is a strategic imperative to fuel its economic growth and become a global hub for knowledge-based innovation,” he said.

Koch’s Israeli investment chief aims to disrupt venture capital funding

Eli Groner meets with hundreds of startups each year as the managing director in Israel for Koch Disruptive Technologies, which since 2018 has doled out almost $1 billion to emerging Israeli companies. For the fraction of those deemed disruptive enough to get funding, KDT, the venture arm of gigantic U.S. conglomerate Koch Industries, sees itself as a devoted ally that doesn’t expect quick returns.

“We are patient capital,” Groner told The Circuit during an interview at the firm’s 35th -floor Tel Aviv office overlooking the Mediterranean. “We invest with the expectation that we are going to partner with them forever or for at least for 10 years. Now, that is not always the case, but that is certainly the way we look at it when we make an investment. So, we want to work with people that are high integrity, resilient, committed and playing the long game.”

Dressed in a light-blue button-down shirt and tailored tan trousers, the American-born Groner has business experience and an insider government background that impressed KDT when the firm opened its Israel office three years ago, the only one outside the United States. Now 52, he spent three years as a top aide to then-Prime Minister Benjamin Netanyahu, serving as director-general of the Prime Minister’s Office. Any political savvy he gained in government has been useful in representing Koch Industries, whose owners are among the biggest contributors to right-wing causes in the U.S.

KDT, founded in 2017, focuses on “early and growth stage” technology companies around the world, with an aim also at finding synergies to boost parent company Koch Industries. The Wichita, Kan.-based conglomerate had revenue last year of more than $125 billion and 120,000 workers worldwide. It owns a diverse group of companies involved in activities that include manufacturing, agriculture, paper, building materials, oil refining, renewable energy and medical products. 

KDT’s first foray in Israeli startups, and first investment ever, preceded Groner’s joining the firm –  $100 million in backing for Insightec, a maker of magnetic resonance-guided ultrasound technology. The company’s products help alleviate ailments like Essential Tremor, which causes involuntary trembling of the head, hand and voice, and Parkinson’s disease, which causes uncontrolled movements throughout the body. KDT followed up with an additional $100 million to the company in March 2020.

When it first funded Insightec, KDT didn’t have an office in Israel. On a visit to meet industry players, company executives had an encounter with Groner, fresh out of the Prime Minister’s Office, who offered a geopolitical overview of Israel and the region. “We really connected on vision and values,” Groner said. “Six months later I got a formal offer to join KDT and open up the Israel office.”

Groner has since led KDT’s investments in 13 Israeli startups that operate in fields ranging from health care, semiconductors and cybersecurity to manufacturing and agriculture. 

As a rule, Koch-funded companies must be “disruptive” — having the potential to promote “creative destruction — the continuous process of iterating, improving and destroying current business models and platforms, even our own,” the firm says on its website. Ideally, they can also transform Koch Industries, to help the mother ship keep up with industry developments and best prepare itself for the future. As far as the chosen entrepreneurs, they must be dedicated and flexible, Groner said.

“You can have the best vision, the best strategy, the best technology, [and] you’re going to be beaten down time and again, because things aren’t always going to go your way,” he said. “A founder who is resilient, who can roll with the figurative punches, and figure out how to execute, no matter which curveballs are thrown his or her way, those folks are gold.”

Groner’s efforts come during a period when Israel is forging new partnerships with the United Arab Emirates, Bahrain, Morocco and other Arab countries, under the banner of the Abraham Accords signed two years ago. 

It is a “very exciting time for the region,” he said. “It is an opportunity for everyone, whether you are an entrepreneur, whether you are an investor. But at the end of the day, it is going to be the same values and principles that apply. Are you aligned in values? Are you aligned on vision?”

Because of Koch’s wide variety of enterprises, the conglomerate can help startups test and sell their technologies within its holding companies and its network of partners, thus getting their product to market faster and providing “meaningful support for entrepreneurs,” Groner said. 

In the health care sector, besides Insightec, KDT has invested in Immunai, which seeks to map the immune system to create new therapies and drugs, and NeuraLight, which is building a platform driven by artificial intelligence to improve drug development for patients with neurological disorders.

In the semiconductor field, KDT led two investment rounds for a total of $217 million in Vayyar, a developer of radar imaging technology for sensors used in a variety of industries. KDT has also invested in cybersecurity startups Cyrebro, where it led a $40 million funding round, and OneLayer, in which it made an equity investment of $6.5 million; KDT led a $45 million investment round in the drone startup Percepto, and invested in the agtech firm Greeneye Technology, which uses AI and deep learning technologies for the selective spraying of pesticides. KDT’s first exit was the sale of Israeli software firm DeepCube to Nasdaq-traded Nano Dimension Ltd for $70 million, according to Crunchbase data.

According to data compiled by the IVC Research Center, which tracks the Israeli tech industry, capital raised in Israel with Koch participation totaled $1.33 billion in 2021 as opposed to $150 million in 2017. In the first nine months of 2022, capital raised by Israeli startups with Koch participation totaled $304 million.

Corporate venture capital involvement, such as Koch’s, in Israeli tech companies has surged over the past few years, with such deals accounting for almost 50% of the total in 2021, a bonanza year for fundraising by startups. Investment has slowed in 2022,

“The rise in activity by Koch reflects a rise in the involvement of corporate venture capital funds in the Israeli tech ecosystem, and the need of local tech firms for the significant amounts of money they can provide,” said Marianna Shapira, a senior analyst at IVC.

Koch Industries has been the subject of controversy for years – with critics pointing to the extraordinary wealth of members of the Koch family, their large contributions to conservative political causes, and their vast political influence on a variety of issues in the U.S., including skepticism about climate change. OpenSecrets, an organization that tracks campaign spending, reported that Koch Industries has injected over $1 million in backing, directly and indirectly, dozens of House and Senate candidates who voted against certifying Joe Biden’s presidential victory after protesters rioted in the U.S. Capitol.

Asked whether controversy surrounding the Koch family affects his work, Groner said he is sure there are many company founders that his office funds who do not agree with him or with Koch politically. “The best way to change people’s perceptions is to work closely with them and partner with them and focus on areas where we are aligned.”

Declining to address the issue directly, a company spokesperson pointed to an article written two years ago by Charles Koch. In it, the billionaire co-owner, chairman and CEO of Koch Industries congratulated President Joe Biden and Vice President Kamala Harris on their victory and called for all parties to work together to solve the crises that are holding back the nation.

On the issue of climate change, the Koch website says “manufacturing and a healthy environment aren’t mutually exclusive” and shows data about how the firm is cutting emissions, producing less waste and investing in energy efficiency projects.  

As chief of Netanyahu’s office from June 2015 to May 2018, Groner was responsible for domestic and international policy decisions, from developing Israel’s offshore natural gas fields and deregulating the economy to setting up the nation’s cyber bureau and its digital health policy. At the same time, he juggled foreign policy issues and was tasked to deal with Israeli political parties. 

Before joining Netanyahu, Groner was Israel’s economic attaché to Washington. Previously he was a senior advisor to the chairman of Tnuva, one of Israel’s largest food makers. He also worked for six years as a consultant at McKinsey & Company and five years at The Jerusalem Post as a sports and economic reporter.

As a child he lived in the central New York city of Binghamton, where his father was the rabbi of an Orthodox Jewish congregation. After moving to Israel, Groner performed his military service as a paratrooper. He went to college at Israel’s Bar-Ilan University and earned an MBA at New York University.

The business world is different from politics and government, Groner said, but he feels very much at home in both worlds. “It is two different muscles, two different skill sets. And it is very, very hard to succeed in both because it requires different skills. I personally, am very intrigued by both worlds. I enjoy both worlds and recognize that each one has different benefits and drawbacks.”

He must also now operate in an environment that has turned sour for tech, with shares and valuations plunging globally in the wake of Russia’s invasion of Ukraine, rising inflation and lingering effects of the COVID-19 pandemic. 

The lower valuations, Groner said, are healthy for the economy, as they can create  investment opportunities while clearing the field of poorly performing companies.

“You are going to see valuations go back to normal, sanity returning to the markets,” he said. “Any great crisis is a horrible thing to waste. This is going to create incredible opportunities for people that are patient and take a long-term view. ”Koch is committed to Israel, he said, because the company has identified that there is within the tiny nation a “very distinctive concentration of disruptive technology.”

Groner said Israel’s value comes from a unique concentration of entrepreneurs, academic institutions, the military, venture capitalists and growth equity investors spread over a small geographical area.

“There’s no place else like it in the world, really,” he said. “That is my focus here.”