Trade with Arab states tripled

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 orders 12 Israeli electric planes

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.

Investment in Israeli startups: 19/9/21

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Snyk is worth billions

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.

General Motors expands in Israel

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.

Make-up take-over

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.

Direct flights from Bahrain and Cairo

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.

Gulf Port of Haifa opens

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.

Startup job vacancies skyrocket

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).

Record currency reserves; deficit down again

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.