Israel Active

Israel’s Vertical Field (reported previously) is certainly going in the right direction – up!  Following its deal with a Ukraine supermarket chain two weeks ago, it is now partnering Emirates Smart Solutions and Technologies (ESST) to deploy its vertical farm system in the UAE.

Hungarian low-cost airline Wizz Air is launching Tel Aviv - Abu Dhabi flights from 12 Feb. Daily flights are planned from 1 Mar.  In Dec, 67,000 passengers flew from Israel to Dubai on four airlines - flydubai, Arkia, Israir and El Al. Wizz will be the first to fly to Abu Dhabi.

Following the Czech Republic and Hungary, Slovakia is the latest NATO member to purchase the MMR Radar system manufactured by Israel Aerospace Industries (IAI) subsidiary, ELTA systems. The 17 units will cost $182 million. The second link gives some broader context of the deal.

Three Israeli executives, about to get their second Covid vaccinations, express their excitement about a near future return to international travel and vital face-to-face meetings.

The Tamar Partnership, extracting natural gas from Israel’s Tamar field, has begun making contributions to Israel’s Sovereign Wealth Fund. The fund ensures that some profits of Israel’s natural gas bonanza are spent on strategic projects for the nation’s benefit and will provide around $300 million a year.

The strength of Israel’s economy is reflected in the high value of its currency. The Bank of Israel has announced that it will purchase $30 billion of foreign currency in 2021 to curb the rise of the Shekel and help keep Israeli exports competitive.

Fitch Ratings has affirmed Israel’s A+ rating with a stable outlook, citing its “strong external finances,” diversified economy and “solid institutional debt.”

The UK subsidiary of Israel’s Elbit Systems has won a contract worth some $166 million from the UK Ministry of Defence, for the Royal Navy Future Naval Training Program. The 12-year program will modernize the Navy’s shore-based training, plus establish its “Future Submarine School”.

Israel’s Rapyd (reported previous) has just raised a huge $400 million to give it a market valuation of $2.5 million.  Rapyd's real-time funds transfer platform is now used in more than 170 countries. Rapyd will use the funds to increase its workforce and purchase additional companies.

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