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Israel’s Defense Ministry has awarded Israel’s Elbit Systems a 10-year, 1.5 billion contract to build and operate a state-of-the-art munitions factory. Its strategic aim is to give Israel military autonomy in the face of slowdowns and stoppages of arms exports from Western countries.

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To encourage immigration, Israel is to expand tax benefits granted to new citizens who purchase their first home in the Jewish state. On homes valued between 1.98 million and 6 million shekels they will now pay 0.5% purchase tax instead of previously 5% (8% for veteran citizens).

The Israel Innovation Authority has launched a NIS 35 million fund to encourage high-tech companies to expand into Israel’s Northern and Southern regions. It is part of a program called “Leap to High-Tech” that will help companies open new branches and hire local talent.

The IVC & LeumiTech Israeli Tech Review reports that 226 Israeli startups raised $4.78 billion in H1 2024 - 36% more than in the first half of 2023. Startup Nation Central also strong support for Israeli tech startups. Calcalist reported that Israeli startups raised $556+ million in June.

The Central Bureau of Statistics reports that Israel’s unemployment rate in July fell to 2.8%,  down from 3.1% in June. 63% of Israelis aged 15 and older participate in the labor force.

Israeli renewable energy company Energix, in collaboration with tech giant Google, will enter a tax equity partnership for future projects in the U.S. amounting to 1.5 gigawatts by 2030. The estimated value of the partnership is between $1.3 and $1.5 billion by 2030.

On 19 Aug, the founder of Israeli Mapped in NY, Guy Franklin rang the opening bell at the New York Stock Exchange. He was joined on the podium by twelve founders of Israeli tech companies. The 450 Israeli-founded companies in New York include 30 unicorns. These 30 alone have created 15,000 jobs.

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