Israel Active

In the first seven months of 2021, trade between Israel and Arab states grew by 234 percent compared to the same period in 2020. Trade with the United Arab Emirates surged from $50.8 million between January and July 2020 to $613.9 million in the same period in 2021.

DHL has ordered 12 fully electric “Alice” eCargo planes from Israel’s Seatle-based Eviation (see previously). Delivery to DHL Express is planned for 2024.

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Israeli cybersecurity Snyk (see previously) has just raised $300 million of funds to give it a market value of $8.5 billion. The new funds will be used for product development and to improve its technology.

The General Motors Technical Center in Israel is expanding its activities in the electric and autonomous vehicle market. To house its 600 staff, it is paying NIS 300 million to rent office space in Herzliya for the next 10 years. GM expects to recruit 400 additional staff and rent even more space.

Israeli startup Voyage81 has been acquired by US-based cosmetics company Il Makiage. Voyage81’s AI-based hyperspectral imaging technology for smartphones will be used by Il Makiage to enhance its own PowerMatch algorithm for matching a consumer’s skin tone to the company’s foundation.

Gulf Air, Bahrain’s national airline, is launching twice-weekly flights to Tel Aviv beginning 30 Sep. And EgyptAir the national airline of Egypt, is reportedly going to operate direct flights between Cairo and Tel Aviv from early Oct.

Israel has officially inaugurated the new port terminal in Haifa Bay (see previously).  It aims to fuel competition, decrease import costs, and remove handling delays that have been costing some NIS 700 million every month.  It will hopefully be a major boon for the Israeli economy.

Job vacancies at the 240 portfolio companies of Israel’s OurCrowd soared by 300% in Q2 2021. Nearly two-thirds of the startups planned to recruit more staff in the remainder of 2021. 80% had implemented hybrid working models (home and office).

During August, Israel’s foreign currency reserves rose by over $4 billion to almost $206 billion. Israel’s cumulative fiscal deficit fell from 9.2% at end July (see previously), to 8% at the end of August.