Israel Active

Tech giant Oracle has inaugurated its new data center in Jerusalem, which will function as a cloud provider for Israeli clients.  The facility covers thousands of square meters, over four floors and over 50 meters underground. Oracle also announced plans to launch a second Israeli data center.

Israel’s cumulative fiscal deficit for the twelve months to the end of October 2021 narrowed to NIS 47.1 billion.  It represents 5.5% of GDP, which is far less than the 7.2% at the end of September.

US mega-chain 7-Eleven is to open hundreds of Israeli stores. However, unlike other locations, they will be closed on Shabbat, the Jewish day of rest, from Friday evening until Saturday night. Local company Electra will invest NIS 60 million in setting up the stores over the next three years.

Israel’s HiBob (see previously), the company behind human resources management platform 'bob', is raising $150 million at a $1.65 billion valuation. Meanwhile Israeli biotech startup Immunai (see previously) has raised $215 million at a valuation of just over $1 billion.

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Arabs and Israelis mixed happily together at Expo 2020 in Dubai. Israel's open tent expo pavilion showcased diversity. Also in Dubai, Israeli companies showcased their satellite, camera and space technology at the International Astronautical Congress.

1,200 Israeli companies are working in “PLANETech” - which covers ag-tech, food-tech, water-tech, and clean-tech – including over half since the year 2000. Israeli focus is on clean energy, smart agriculture, and sustainable mobility. The rapid growth areas are alternative proteins and green construction.

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Online retail giant Amazon has re-introduced free delivery to Israel on many items at the low threshold of $49.  They also allow Israelis to split up multiple purchases into separate packages, to avoid paying the VAT that the Israeli tax authority imposes on orders over $75.

Israeli Venture Capital TLV Partners firm has launched its fourth fund to back new Israeli ventures. This latest fund is its largest yet - $220 million, plus an additional $100 million to support some of its 45 existing portfolio hi-tech companies and founders.