Samsung Next, the venture capital arm of Samsung Electronics, announced that it is leaving Israel because of the ongoing war with Hamas.
The tech company confirmed this via email to its employees, saying it would shut down its business operations in Israel and take them elsewhere.
Samsung Next is Leaving Israel as War Continues
According to The New Arab's latest report, Samsung Next decided to leave Israel because of its deteriorating economy, which is caused by the ongoing war in Gaza.
The venture capital arm told its employees that their business operations in the regional tech hub of Tel Aviv would soon be shut down.
Samsung Next's decision comes as the Israeli economy has experienced serious challenges ever since the war officially began on October 7, 2023. Because of the war, various movements, such as BDS (Boycott, Divestment, Sanctions), were established.
These movements, which call for an embargo on the Middle Eastern country over human rights concerns, are strong indicators of the declining confidence in Israel's economy.
What Samsung Next Announced
The decision of Samsung Next was announced by Eyal Miller, the firm's vice president and managing director.
"Today, I am sharing the news that Samsung Next has made necessary organizational changes in the Tel Aviv office to consolidate its activities," said Miller via CTech News.
"Our team will be transitioning our roles from Next through the fall in an effort to seamlessly align our work and relationships with the US team and address the essential operational requirements of an office closure," he added.
Although this is the case, Eyal Miller said that Samsung Next will remain a supportive investor in Israel. He added that their US team will continue providing resources and advice to Tel Aviv.
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