Foreign currency reserves reach a record high

At the end of March, Israel’s reserves of foreign currency stood at $213.768 billion, nearly $7 billion more that at the end of Feb. They have since slipped back a little but shows that Israel did not, even when at war, need to use its reserves to stabilize the value of the Shekel.

Electric motor factory in India

Israel’s EVR Motors (see previously) has become the first Israeli auto company to set up manufacturing in India. The automated facility will supply coils for approximately 20,000 motors per month, with plans to expand to around 100,000 motors to meet global demand for electric vehicles.

Startup investment – to 26/5/24

raised ; received from the Guangzhou-Israel Biotechnology Fund; raised ; raised .

Exits, takeovers and mergers – to 26/5/24

Alicorn Galaxy is acquiring Israel’s Glassbox (to de-list from TASE) for $150 million. Israel’s Israel’s to bolster its AI-powered customer support solution. Israel’s Austria’s SOLID. Israeli-controlled (Ithaca) has bought the UK North Sea assets of Italy’s Eni UK for . Israel’s has completed the of Brazil’s VMtecnologia. French giant Thales has purchased the Israeli satellite company .

10 more startups to be ignited

The startups joining Intel’s 9th accelerator group are , Converge Bio, FalkorDB, , Hiveware, , Noma, Onfire, RAAAM Memory, and Tonic Security.

Average salaries vs hi-tech salaries

Average Israeli wages in Mar 24 have risen 3.5% to over NIS 14,000 per month compared to Mar 23. Hi-tech salaries over the same period rose 13.2% to almost NIS 34,000.

Economy grows

Israel’s economy recovered sharply in the first quarter of 2024. Gross domestic product (GDP) grew an annualized 14.1% in the January to March period.  Growth was led by a rebound in consumer spending and investment, particularly in residential building. 21% more new homes were sold than Q1/23

New tech park for Modi’in

The TechMod tech park in Modi’in will provide 10,000 jobs in the city that was originally built as a dormitory town between Jerusalem and Tel Aviv. The NIS 1.5 billion cost will encompass 100,000 sqm of office and commercial space, saving time for 75% of residents who currently work elsewhere.

Startup investment – to 19/5/24

raised (new Unicorn) raised

Exits, takeovers and mergers – to 19/5/24

Israel’s has with US-based LAMF Global ventures and is now trading on NASDAQ. Israel’s has Brazil’s top bus ticket seller DeOnibus. Blackstone Growth Fund is to acquire Israel’s at an .