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The Economy 2001 was the worst year in Israel's economic history since 1953 - the last year of the period of austerity ("Tzenah"). The reason for the deep recession is the global economic crisis and the deteriorating security situation since September 2000, when the Intifadah broke out. Following are the principal figures for 2001:
In November overseas residents withdrew financial assets from Israel worth $178 million, and in October they withdrew $52 million, after investing $487 million in Israel in the third quarter and $1906 million in the second quarter. Israeli company Liberty Properties, recently acquired an office complex in Prague for NIS 79 million. The project is leased to commercial enterprises and projected annual revenues from rentals are estimated at NIS 7 million. The company handles and manages productive assets, initiates and develops realty rights, and sells and leases commercial centers. The company owned by tycoon, Yaakov Engel continues to make purchases abroad. After investing hundreds of millions of dollars in construction projects in Europe, the company recently acquired an office block in Montreal, Canada, for Can$ 13.4 million. The center is located on St. Catherine Street, the city's main thoroughfare, and it includes the Bank of Montreal. Israeli company "Azimuth Technologies" has sold the Turkish Ministry of Defense target-acquisition systems which determine the target's precise location. The systems are designed to pinpoint targets and gather intelligence information for military use. "Azimuth" develops control, command and navigation systems, and optic measurement equipment, for military and civilian purposes. Israeli company "Clicksoftwood", which is traded on NASDAQ, will supply service improvement systems to the Australian telecom company "Tellestra", worth $7 million in the first stage. "Clicksoftwood" develops solutions for timing service assignments for organizations which usually send service reps. to the customer's home. The solutions include daily timing, wireless follow-up in real time, problem solving, short-term manpower planning, planning strategic capacity and on-going analysis of business performance. Israeli company Telcor, which manufactures power supply units and systems for operating telecom equipment, will supply the American company Alliant with power suppliers for aircraft in the US army, worth $ 8 million over the next four years. The first order is immediate and is for half a million dollars. The power suppliers will be part of the aircraft warning system, and Telcor was chosen as the exclusive supplier, after surveys carried out over a year. The Israel Electric Corp. (IEC) will purchase natural gas for $1.5 billion from the gas project "Yam Tatis" - owned by the American company "Semidan" - 47%, and the balance owned by the Israeli companies "Avner Oil Exploration" "Delek Drilling" and "Delek Investments". The contract is for 11 years, and the first power stations to utilize the natural gas will be "Eshkol" in Ashdod and the gas turbines at the "Gezer" site near Ramle. According to reports from the project, the quantity of gas in the reservoirs is 45 billion cu.m.
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