In a bold move emblematic of the strained relations between Israel and Turkey, Itzik Isteric, CEO of the prominent Israeli company Arbel Metals, has terminated over two decades of metal trade with Turkey. This decision is a direct response to Turkish President Recep Tayyip Erdoğan's inflammatory comments against Israel and its leadership.
Read more: Israeli Metal Tycoon Halts Trade with Turkey, Citing Erdoğan's Incendiary Remarks
In the latter part of 2023, Israel's tech sector faced a significant downturn, with startup investments hitting their lowest point since 2017. This decline, as reported by the Start-Up Nation Policy Institute (SNPI), marks a 46% drop in the final quarter of the year, coinciding with heightened tensions following the October 7 hostilities initiated by Hamas.
Read more: Hamas Conflict Spurs Major Israeli Tech Investment Drop in 2023
Israel is set to significantly bolster its construction sector by introducing approximately 70,000 foreign workers from various countries, including Sri Lanka, India, Thailand and others. This strategic move comes in response to the stagnation faced by the industry following the Oct. 7 Hamas attack, as reported by a major Israeli financial daily citing a government official.
Read more: Israel Set To Permanently Cut The Cord Of Dependence On Palestinian Workers
Intel Corporation has announced a momentous investment in Israel, underscoring the strong economic ties between the U.S. and Israel. The company is set to build a new $25 billion chip plant in southern Israel, backed by a substantial $3.2 billion grant from the Israeli government. This move, representing the largest single investment by a company in Israel, comes amid ongoing tensions with the Palestinian militant group Hamas.
Read more: Intel Invests $25B In Israeli Chip Plant With $3.2B In Government Support
The recent financial trends have highlighted a robust performance by the Israeli shekel, showing significant strength against major currencies like the US dollar and the euro. In recent inter-bank trading, the shekel-dollar exchange rate dropped by 1.07% to NIS 3.609/$, while the shekel-euro rate decreased by 1.04% to NIS 3.998/€. This marks the lowest levels for the dollar and euro against the shekel since July and June, respectively.
Read more: Shekel Rises Amid Conflict, Showcases Israel's Economic Fortitude
