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Factory, Building, Architecture

Israel exports to reach record of more than $160bn in 2022

Israel’s exports are expected to have risen more than 10 percent to a record level of at least $160 billion in 2022, led by exports of services, the Economy Ministry said on Sunday. Exports, some 30 percent of Israel’s economic activity, were $144 billion in 2021, when services overtook goods as the country’s main export […]

Israeli startup makes inroads with personal flying vehicle

An Israeli-made electric vehicle designed to fly commuters on short trips far above streets overcrowded with cars has made its maiden unmanned flight, a milestone the developer says will help it reach the market in the next two years. The test-phase voyage may not look out of the ordinary at first given the huge progress […]

Unilever says litigation with Ben & Jerry’s ‘resolved’ in Israel

Unilever said on Thursday that its litigation with the independent board of Ben & Jerry’s over the sale of its Israeli ice cream business has “been resolved”. The company did not provide details of how the litigation had been resolved. Unilever in June sold its Ben & Jerry’s ice cream business in Israel and the […]

Cityscape, Urban, Building

Israeli lawmaker tables bill to limit banks raising mortgage rates

The head of Israel’s powerful parliamentary finance committee submitted a bill on Monday that would limit banks’ ability to raise mortgage rates after central bank interest rate increases. The Bank of Israel has raised its benchmark interest rate by 3.15 percentage points to 3.25 percent since April, with more hikes likely. Monthly mortgage repayments have […]

UAE Israel deal
  • Analysis

UAE-Israel trade could reach $4bn after countries ratify deal

Bilateral trade between the UAE and Israel could touch $4 billion next year after both governments ratified their comprehensive economic partnership agreement (Cepa) on Sunday. That’s the view of Dorian Barak, co-founder of the UAE-Israel Business Council, who told AGBI that the deal “builds on the unprecedented interest among Emiratis and Israelis in taking this […]

The discussions seek to combine the 30,000 telecommunication tower assets owned by Ooredoo, Zain and TASC into a jointly owned independent tower firm

Israel targets ‘smart’ cities with new 5G mobile auction

Israel urged mobile firms to expand the deployment of fifth-generation sites to allow for “smart” stadiums and hospitals on Wednesday, as the country launched its second 5G tender. Communications ministry director general Liran Avisar Ben Horin said in a statement that smart traffic lights using 5G would prevent congestion and accidents, while patients will be […]

Israeli bank regulator predicts profit slowdown after 2022 gains

Israeli bank profits will slow somewhat next year after a robust 2022, the country’s banking regulator said. Big profits have angered some consumers who say fees for basic services like deposits and withdrawals are too high and banks have not raised rates on deposit accounts quickly enough. Israel’s top five banks posted combined net profit […]

Finger, Person, Hand

Israel plans to draft law to shield mortgages from rate hikes

The head of the Israeli parliament’s powerful finance committee on Monday criticised a wave of central bank interest hikes and said he would propose legislation to minimise their impact on mortgage holders. In a bid to fight rising inflation, the Bank of Israel last week raised its benchmark interest rate by a half-point to an […]

Bank of Israel says more rate hikes needed to cool inflation

The Bank of Israel on Monday raised its benchmark interest rate by half a point and said it believes more hikes were needed to cool inflation, still running above five percent, while the economy remains strong and the labour market is tight. The move was expected to be one of the last in an aggressive […]

Israel deploys diplomats to World Cup to help fans settle

Israel has sent diplomats to help its citizens attending the World Cup in Qatar and plans to launch temporary direct flights to Doha on Sunday as the countries find a measure of accommodation for the soccer tournament despite having no formal relations. Between 10,000 and 20,000 Israelis are expected at the month-long matches in the […]

The Bank of Israel building is seen in Jerusalem

Israel banking regulator cautious on profits despite current strength

Israel’s banking regulator on Wednesday warned of a possible deterioration of banking system profits stemming from an uncertain economic outlook and higher interest rates that could lead to loan defaults. The Bank of Israel in its semi-annual report was still largely upbeat, saying all of Israel’s banks are maintaining capital ratios that are above the […]

  • Analysis

Abu Dhabi’s ADIO signs up Israeli fintechs as bilateral trade rises

Two Israeli companies have joined Abu Dhabi Investment Office’s $545 million Innovation Programme, with industry watchers predicting that many more will follow as ties strengthen between the country and the UAE. ADIO is working with fintech company Liquidity Group to establish an R&D centre in Abu Dhabi. The facility will develop Liquidity’s proprietary underwriting algorithm […]

Person, Human, Sea

Israel begins gas exploration after Lebanon maritime border deal

Israel has signed an initial agreement with TotalEnergies and Eni that allows the energy companies to start exploring for natural gas within the framework of a landmark maritime border deal with Lebanon. Lebanese and Israeli leaders last month finalised a US-brokered maritime demarcation deal, bringing a measure of accommodation between the enemy states. A focus […]

Israel to build new desalination plant to meet water shortage

Israel’s IDE Technologies and Bank Hapoalim won a government tender to build a new water desalination plant in northern Israel, Hapoalim said. Hapoalim, one of Israel’s two largest banks, will provide 1.3 billion shekels ($381 million) for the project near the northern city of Nahariya off the Mediterranean coast which aims to help the country […]

London IPO of Israel-owned Ithaca Energy priced at bottom of range

North Sea oil and gas producer Ithaca Energy’s planned initial public offering (IPO) in London is set to be priced at the bottom of the range at 250 pence per share, a bookrunner on the deal said on Tuesday. Ithaca’s market debut will be watched for indications of investor appetite for energy producers in the […]

Israel to start self-driving public bus pilot programme

Israel has launched a two-year pilot programme in which four companies will operate self-driving public buses in a bid to ease road congestion, the country’s innovation authority said. The authority, along with the transportation Mministry and Ayalon Highways, chose four groups – including Egged, Israel’s largest bus operator – that will start running independent autonomous […]

Israel-backed Ithaca Energy set for London’s biggest IPO in 2022

Ithaca Energy’s plans to launch an initial public offering (IPO) on the London Stock Exchange next week could value the North Sea oil and gas producer at up to 3.1 billion pounds, making it London’s largest IPO this year. Shares in the company – owned by Tel Aviv-listed Delek Group – are being offered at […]

Gold, Coin, Money

Israel’s stock exchange to create crypto trading platform

The Tel Aviv Stock Exchange (TASE) said on Monday it would reshape its ownership structure and also create a blockchain platform to allow more trading of crypto currencies in an effort to match international standards. TASE, which went public in 2019, said it would create a new publicly traded holding company that will own 100 […]

Google activates Israel’s first local cloud region

Alphabet’s Google on Thursday activated a local cloud region for Israel, offering cloud services to the country’s government and military in a move expected to boost jobs and economic growth. Israel signed a deal with Google and Amazon Web Services (AWS) in May 2021 for the more than $1 billion four-phase ‘Nimbus’ project. As part […]

Word, Alphabet, Text

Israel eyes bond issuance via blockchain technology

Israel’s government is preparing to issue government bonds using a blockchain technology platform, the Tel Aviv Stock Exchange (TASE) said on Wednesday. Implementation of advanced technologies such as blockchain, the TASE said, would reduce costs, shorten the duration issuance and clearing of government bonds, improve transparency and mitigate risks. The issuance is still in the […]

Person, Human, Helmet

US hedge fund asks Capricorn Energy to ditch Israel deal

Irenic Capital Management, a hedge fund that owns a 1.5 percent stake in Capricorn Energy Plc, asked the natural gas producer on Wednesday to abandon its sale to Israel’s NewMed Energy LP in favour of selling its assets piecemeal. Irenic’s intervention challenges a deal that would create a London and Tel Aviv-listed gas giant, at […]