PICO Ventures co-founder brings Jerusalem, and its youth, to UAE
Elie Wurtman believes the second largest economy in the Arab world could help Israelis engage with people from dozens of previously unexplored markets.
By HAGAY HACOHENThese teenagers, who have what Wurtman calls 'Jerusalem DNA', are expected to head to the UAE in springtime.(photo credit: PICO)
PICO Ventures co-founder and managing partner Elie Wurtman wants to bring a group of 20 Jerusalemite youth to the UAE in the spring, should COVID-19 conditions allow it. Why? Because he believes in "Jerusalem DNA." Whenever he met UAE investors, their faces lit up when the City of David was mentioned, he told The Jerusalem Post. Wurtman, who returned to Israel on Tuesday, was part of the US-Israeli delegation which included US Treasury Secretary Steven Mnuchin. By "Jerusalem DNA," Wurtman means that living in a city which is thousands of years old pushes people into “flexing their creative muscles.” He also served as the CEO of Deltathree in the late 1990s, the first Jerusalem-based "unicorn" – a hi-tech company valued at over $1 billion.Wurtman is passionate about the changes ahead.“The sands of the region are shifting,” he told the Post. “Israel could become the next summer vacation destination for people in the Gulf once tourism comes back. But this is much bigger than tourism.” With time, he thinks, the hi-tech portion of Israel’s GDP (16%) might triple – seeing as the UAE is the second largest economy in the Arab world valued in 2019 as having a GDP of $421 billion, and that they are planning ahead to 2071. PICO is so named for a string of values: People, Ideas, Community and Opportunity. Since 2013, the firm had been investing in PICO Kids, a three-values core program focusing on teaching 21st century skills such as math, soft skills like teamwork and shared values. Among them is the legacy of Jerusalem as a city holy to the three major monotheistic faiths. These are the kids Wurtman hopes to introduce to the exciting possibilities Israeli-UAE relations have to offer. PICO Spaces is another program meant to ensure that the capital continues to be a location where Israeli hi-tech companies can continue to grow. Regarding the UAE, Wurtman said that “they have a Happiness Ministry and a Possibilities Ministry. They have some of the finest infrastructure in the world in terms of logistics, and they’re one of the few countries younger than us, having been established in 1971.” “They show a lot of love to Jerusalem,” he said. “They connect to it the same way we do.”
