Economy Israel-South Korea free trade deal to take effect December 1 A free trade agreement between Israel and South Korea will go into effect on December 1, Israel’s economy ministry said on Wednesday, in a move expected to lower the prices of Korean-made cars, toys, video game consoles and soy sauce. The agreement was ratified by Korea’s parliament on Tuesday. The ministry estimated that it would […] September 29, 2022
Economy Bahrain and Israel start free trade agreement talks Israel and Bahrain have begun negotiating a free trade agreement, Israel’s Economy Ministry said on Tuesday. Israel normalised diplomatic relations with Bahrain and its Gulf neighbour the United Arab Emirates (UAE) two years ago under US sponsorship. While economic ties with the UAE has since taken off, Israel’s trade with Bahrain has lagged far behind. […] September 20, 2022
Travel & Hospitality Israel’s El Al will begin Tel Aviv to Tokyo flights in March El Al Israel Airlines will start direct flights from Tel Aviv to Tokyo next March, it said on Monday – two years after the launch was delayed because of the Covid-19 pandemic. Israel’s flag carrier has been looking to expand eastbound flights since its second-quarter results showed a rebound from the slump in travel during […] September 19, 2022
Economy Israel inflation dips to 4.6% in August 2022 Israel’s annual consumer price index (CPI) of inflation dipped to a 4.6 percent rate in August, the Central Bureau of Statistics said on Thursday, easing from a 14-year high of 5.2 percent in July and after aggressive Bank of Israel rate hikes in recent months. A Reuters poll of analysts had projected an inflation rate […] September 16, 2022
Exclusive Banking & Finance Israel’s $15bn Rapyd aiming to acquire Gulf fintech startups Rapyd, Israel’s highest-valued unicorn, is eyeing financial technology acquisitions in the Middle East and North Africa as it seeks to capitalise on the challenging business environment for startups. As the US Federal Reserve continues to hike interest rates in an effort to curb rising inflation, the prospect of a worldwide recession dominates concerns, particularly among […] September 16, 2022
EXCLUSIVE: LONG READ Development Abraham Accords: The $3bn trade deal that shocked the world Two years after the signing of the historic Abraham Accords, the UAE and Israel are on track to see $3 billion worth of bilateral trade this year. The success of the relationship – kickstarted by the agreement signed by the Emirati and Bahraini foreign ministers, the Israeli prime minister and US president on the South […] September 15, 2022
Banking & Finance Israel’s El Al Airlines sells 20% of its frequent flier programme Israeli insurer Phoenix has exercised an option to buy roughly 20 percent of El Al Israel Airlines’ frequent flier programme, the companies said in a Tel Aviv regulatory filing on Tuesday. El Al, Israel’s flag carrier, will receive $14 million and own 80.1 percent of its frequent flier programme and it said it would post […] September 14, 2022
Economy Israel, Guatemala sign free trade agreement Israel and Guatemala on Thursday signed a free trade agreement that will include industry, food and agriculture goods, the Israeli Economy Ministry said. The ministry said the agreement will come into effect once it receives final ratification in Guatemala and Israel, whose trade reached $40 million in 2021 – an 11 percent rise from 2020. […] September 9, 2022
Banking & Finance Ben & Jerry’s will amend lawsuit over Israel ice cream business sale Ben & Jerry’s said it plans to amend its lawsuit challenging the sale of its ice cream business in Israel by its parent company, Unilever Plc. In a letter filed on Tuesday night in federal court in Manhattan, Ben & Jerry’s said it plans to file an amended complaint by September 27, with Unilever’s response […] September 7, 2022
Markets Tel Aviv bourse head seeks more bilateral investing with UAE The head of Israel’s stock exchange on Tuesday called for increased investment from Israeli and Emirati investors in each other’s exchanges to boost liquidity. Two years after the so-called Abraham Accords, which saw relations normalised between Israel, Bahrain, the United Arab Emirates (UAE) and Morocco, a number of economic, trade and financial agreements between Israel […] September 7, 2022
Travel & Hospitality Israel’s El Al to resume Hong Kong flights after curbs eased El Al Israel Airlines said on Monday it would resume non-stop flights to Hong Kong in February after halting them at the outset of the COVID-19 pandemic in 2020. Israel’s flag carrier said that in the wake of authorities in Hong Kong easing restrictions and allowing the entry of tourists, it would operate three weekly […] September 6, 2022
Manufacturing Israel to buy four Boeing air force refuelling tankers for $927m Israel will buy four Boeing Co KC-46A refuelling tankers for its air force, the Israeli government and the US defence contractor said on Thursday, a $927 million deal with delivery of the first planes expected in 2025. The tankers would replace the decades-old, repurposed Boeing 707s that Israel currently uses for mid-air refuelling and may […] September 2, 2022
Economy Israel makes strongest rate hike in 20 years to cool inflation The Bank of Israel raised its benchmark interest rate on Monday by three-quarters of a percentage point, its biggest hike in two decades, and appeared on track for further increases as it tries to rein in inflation that has topped five percent. The central bank lifted its key rate to two percent from 1.25 percent, […] August 23, 2022
Economy Strong Israel GDP and inflation may lead to 75 bps rate hike A sharp rebound in Israel’s economic activity and a jump in annual inflation have made a 0.75-point interest rate increase more likely next week, analysts said on Tuesday. The central bank had looked headed for a second straight half-point move at its upcoming August 22 policy meeting, but data showed stronger than expected economic growth […] August 17, 2022
Economy Israel inflation rate jumps to new 14-year high of 5.2% in July Israel’s annual consumer price index (CPI) rose to a higher than expected rate of 5.2 percent in July, the most since October 2008 and following a 4.4 percent rate in June, as more aggressive interest rate hikes loom and keep the soaring cost of living centre stage ahead of an election in November. A Reuters […] August 16, 2022
Travel & Hospitality Korean Air to resume flights to Israel in January Korean Air Lines will resume non-stop flights to Israel in January with a Seoul to Tel Aviv route, Israel’s Tourism Ministry said on Thursday. Korean Air, which stopped its flights to Israel due to the outbreak of the coronavirus pandemic in 2020, will operate three weekly flights on the route, it said. The ministry noted […] August 12, 2022
Economy Britain launches free trade talks with Israel following Brexit Britain has launched free trade talks with Israel, aimed at boosting service and tech sector ties as it seeks new deals after leaving the European Union. The current trade deal between the two countries is based on an old EU deal that has no specific provisions on services, Britain said, adding that the trading relationship is currently worth $6 billion a year. “The UK and Israel are […] July 20, 2022
Analysis Biden Middle East ‘Could do better’: the experts’ verdict on Biden in Middle East Did the US president achieve his objectives on his tour of the Middle East? AGBI asked seven analysts to give Biden marks out of 10 President Joe Biden hoped to usher in a new era in Washington’s relationship with the Middle East during his whistlestop tour last week – seeking to reinforce America’s commitment to […] July 19, 2022
Science & Technology Israeli general makes first visit to Morocco to explore defence deals The chief of Israel’s armed forces is visiting Morocco in the highest-profile military engagement between the countries, which upgraded ties in 2020 under a US diplomatic drive. Lieutenant-General Aviv Kochavi’s trip on Monday has been presented by Israel as part of emerging defence cooperation with the North African country, but Rabat has also been trying […] July 19, 2022
Analysis Biden Middle East Biden boosts relations but fails to move the dial The president hoped to reset Washington’s relationship with the Middle East last weekend. In this in-depth analysis, AGBI explores how he performed on Israel, Iran, human rights and oil President Joe Biden’s whirlwind tour of the Middle East sought to reinforce America’s commitment to the region after several years of disengagement. In a speech to […] July 19, 2022
Travel & Hospitality Israel to boost Asia flights when Saudi Arabia opens airspace Israeli airlines plan to expand and open new routes to India and other Asian destinations after Saudi Arabia announced it would allow unfettered access to its airspace, a move that would save fuel costs and reduce flight times. In the absence of open relations between the countries, however, and given talks on including Oman in […] July 18, 2022
Analysis Development I2U2: America’s answer to curbing China and upping food security Israel, India, the US and the United Arab Emirates came together on Thursday for an historic meeting as the “I2U2” collective. The futuristic name refers to the first letters of the four countries. US president Joe Biden and Israel’s prime minister, Yair Lapid, lent the initiative a maiden boost, joining a four-way call in Jerusalem […] July 14, 2022
