Israeli venture investment firm OurCrowd signed a memorandum of understanding with Phoenix, a business development company, to increase business and technology ties between Israel and the United Arab Emirates, the firms said on Tuesday.

This is a further development in economic collaboration after Israel and the UAE last month signed an historic agreement to normalize ties.

OurCrowd, which has $1.5 billion of committed funding, will support UAE-based startups seeking growth and development in Israel as well as those seeking to collaborate on innovation.

Phoenix, spearheaded by Abdullah Saeed Al Naboodah, chairman of Al Naboodah Investments, will serve as an investment platform for individuals and family offices in the Gulf seeking to invest in Israeli technology.

It will also introduce OurCrowd to Gulf-based startups with the aim of raising investment through OurCrowd’s crowdfunding platform. Phoenix will also assist Israeli startups with potential partners in the Gulf region.

OurCrowd appointed Sabah al-Binali as venture partner and head of the Gulf region.