Israel’s budget deficit as a percentage of GDP was a mere 0.04% for the 12 months till the end of May - the lowest in 14 years. Government revenues increased and expenditures fell amid the ongoing rebound from the coronavirus pandemic.
Just two years after the historic Abraham Accords, the new UAE-Israel free-trade agreement removes tariffs on 96% of goods between the two countries. It is expected to increase bilateral non-oil trade to over $10 billion within five years.
Israel’s Tourism Ministry has received 107 applications for grants to build new hotels or expand existing ones. The ministry has a budget of NIS 165 million for such grants, to support the rehabilitation of the country’s tourism industry in the wake of the global COVID-19 pandemic.
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Israel’s Elementor has acquired Israel’s Strattic, a web development and hosting solutions company for several million dollars.
Israel’s Truvid is an online video platform that connects content creators with media providers such as websites, applications, connected TV etc. Publishers use Truvid to monetize their sites and distribute content around the globe. Truvid gets the right video to the right audience.
Israel’s Duve helps hoteliers and hospitality professionals customize guest journeys and build a digital personalized experience. Prospective guests allow Duve to pass on details such as reason of visit, type (e.g., family/business/romantic) interests, language, travel method, food preferences etc.
Israel-based Pangea has won a contract to supply technology to the Electoral Commission of Jamaica to support the establishment and maintenance of a biometric voter registry. Jamaica has four million voters and Pangea will help eliminate the risk of voter fraud.
Princeton’s Center for Jewish Life-Hillel is a partner in the planning and funding of Israel Tiger Trek, which is focused on Israeli entrepreneurs based in New York. It has led to startups like chef app WoodSpoon, and urban sharing platform TULU (see previously).
The large number Unicorns (private companies valued at $1 billion+) is making it difficult to identify promising stable ventures. A new term “Centaur” should be used to designate those Unicorns with an Annual Recurring Revenue (ARR) of at least $100 million. There are 25 Israeli ones.