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University divestment to severely impact Israeli tech sector: Analyst

  • By Al Mayadeen English
  • Source: Agencies
  • 3 Jun 2024 19:27
4 Min Read

The University of Harvard alone has investments in Israeli companies worth an estimated $200 million.

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  • Employees of Pyramid Analytics hi-tech company work at their office in Ramat Gan, occupied Palestine, Wednesday, Jan. 18, 2023. (AP)
    Employees of Pyramid Analytics hi-tech company work at their office in Ramat Gan, occupied Palestine, Wednesday, Jan. 18, 2023 (AP)

Israeli analyst Assaf Gilead on Monday wrote on the Israeli daily Globes that the potential divestment by American universities from Israeli investments could have severe consequences for "Israel's" economy, particularly its technology sector.

As summer vacation begins, most Gaza encampments on US campuses have been dismantled, he says. This occurs after lengthy discussions between students and college administrations, where some of the protesters' conditions were met.

Prestigious universities, including Harvard, Johns Hopkins, Brown, and Minnesota, have committed to considering students' demands regarding investments in "Israel," and this promises to have severe consequences on "Israel's" economy, Gilead says.

The top US universities manage large investment funds worth billions, investing in various sectors including foreign stocks and alternative investments such as real estate, commodities, private equity, and venture capital funds. Many of these investments are in Israeli companies.

For instance, Harvard University has investments in Israeli companies worth an estimated $200 million. Its president, Alan Garber, recently agreed to establish a special committee to discuss the potential for divestment from "Israel," akin to past divestments from fossil fuels and South Africa.

Johns Hopkins University and other institutions like the University of Washington and Rutgers have also agreed to examine the demands for divestment. In Canada, universities such as Toronto Metropolitan and McMaster are also considering divestment.

Two US universities, Occidental College and Brown University, have scheduled votes on divestment, with Brown's president, Christina Paxson, expressing support for a thorough discussion. The University of California plans to vote on a divestment proposal in September.

Read more: Seminary trustees adopt divestment from profiteers of Israeli genocide

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According to Ze'ev Holtzman, founder of the Israeli venture capital Giza Fund, total investments constitute 2%-3% of the foreign capital flowing into Israeli tech. 

Protesters at the University of Minnesota claim the university has $2.4 million invested in Israeli companies, including Nova, Camtek, Check Point, and the Tel Aviv Stock Exchange.

Holtzman warns that divestment decisions by universities could severely impact the market "because the universities do not only represent large investment entities but claim to be a moral compass. A decision against Israel that is published could cause heavy damage."

Prof. Gerald Steinberg from NGO Monitor notes that past divestment campaigns had limited economic impact.

"A divestment policy aimed at Israeli businesses may have a significant economic impact. Campaigns to divest launched at the forum of non-governmental organizations, led by Human Rights Watch and Amnesty International, at the infamous Durban conference, ultimately did not have a significant economic impact on Israel," he said.

Prof. Anat Alon-Beck from Case Western Reserve University further warned of legal risks that could lead to lawsuits.

"A university, and in fact any US body that chooses to boycott Israeli companies, will also have to prepare itself in the event for a lawsuit. The lawsuits against boycotting organizations can be conducted in state courts as well as in a federal court. There are organizations that will try, so to speak, to walk between the cracks and try to boycott only companies that are related to the defense industries allegedly involved in the war in Gaza, but this distinction is also misleading. The tech industry in Israel and the US always began in the defense industries, and they rely on them," she said.

"Whoever does not see the fact that this is a war between China and Russia against technological progress, is blind. And whoever tries to fight Israeli companies because of an alleged violation of human rights, may open himself up to many lawsuits, since the US has not declared Israel as a country that violates the human rights," she added.

Read more: Columbia University protest negotiations collapse, will not divest

  • war on Gaza
  • Gaza Encampment
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  • Boycott Israel
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  • Israeli companies

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