AYR – Amar Reiter Jeanne Shochatovitch & Co. advises Maniv Mobility on investment in UAE’s Fenix Scooters
AYR – Amar Reiter Jeanne Shochatovitch & Co.’s Hi Tech Department recently assisted its client, Maniv Mobility, an Israeli venture capital fund, in connection with its investment in Fenix Scooters, a micromobility company operating in the UAE.
This is the first time an Israeli venture fund has invested in operations in the UAE. Adv. Daniel Chinn, head of High Tech in AYR – Amar Reiter Jeanne Shochatovitch & Co. led the transaction. “It was really exciting to be part of this fascinating transaction, a first in Israeli-UAE relations, to get to know the business environment in the UAE and to start to learn how Israeli and UAE businesses can work together. Looking forward to many more,” he said.
Daniel was supported by Adv. Mati Rosenbaum in the transaction.
In order to provide the necessary local advice to their client, AYR partnered with Davidson & Co., a domestic UAE law firm, who reviewed all the local documentation and assisted with the structural and governance issues, many of which are unique to the UAE.
Since the legal environment in the UAE is very different from other jurisdictions in which Maniv has been active, mainly the U.S., Europe and Israel, it was important to make Maniv aware of the various issues around local corporate governance as well as operational matters, while at the same time framing the investment transaction in a way compatible with classic venture deals, all within a tight timetable.
Fenix will launch its operations in Abu Dhabi and expand from there to the rest of the Emirates and other Gulf countries in coming months.
Read the Calcalist coverage in Hebrew.
