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THE ECONOMY
Israeli companies Rosebud Medical and Africa-Israel have finalized a $220 million real estate deal in Dallas, Houston, and San Antonio, Texas. According to the deal, the Israeli group will hold 50% of the rights, while the Americans will hold the other half. The partnership will acquire 5,150 rental housing units in 19 neighborhoods in these cities for $220 million.
Bio-Gal, which was established last year, acquired a patent from the Weizmann Institute and the Clalit Health Fund for a new use of the hormone erythropoietin, which is used in treating anemia. The hormone has proven effective in the treatment of a certain type of leukemia.
The Canadian company Biosensor Applications signed a contract to collaborate with the Hebrew University Research Development Company. Biosensor will allocate 5% of its capital ($1.1 million) to the Research Development Company and will pay an initial amount of $500,000 for the exclusive rights todevelop products on the basis of patents held by the Research Development Company. The products will focus on the detection of narcotics, mines, explosives, and biological and chemical weapons. On the basis of technology acquired from the Research Development Company, Bionsensor has already developed the basis for two systems: one, to detect illicit substances, and the other, to detect mines. The former will soon be presented to potential investors in Washington, DC, while the latter has recently completed a series of tests and experiments conducted by the Swedish Rescue Services Agency (SRSA), operating in Croatia. According to the Research Development Company, the deal with the SRSA is yet another step in strengthening the Hebrew University's status as a reservoir of information that attracts international investors.
Israel's Elite Food Industries is negotiating with a local company in Serbia-Montenegro in an effort to penetrate this market. This acquisition will enlarge Elite's share of the international coffee market. Elite is the eighth largest coffee company in the world, and one of the largest in Brazil since it acquired Tres Coracoes for $40 million at the end of 2000.
Two Israeli businessmen, Meir Aboutbul and Shmuel Zisser, are building a business hotel with an investment of £15 million. Furnishings will be imported from Israel and the hotel will open in another year. Aboutbul, who owns restaurants in Israel and abroad, opened the Sea Hotel on the Tel Aviv beach about two months ago.
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