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The Economy Preliminary tests carried out by British Gas in the sea off the coast of Haifa reveal that in this area, 100 km. west of the city, the geological structure may contain enormous quantities of natural gas - 70-100 cu.m. - 9.5 times as much as the gas discovered so far in all Israel's marine reservoirs. The value of this gas could reach $5-8 billion. The surveys show that in an adjacent area, 50 km. south-west of Haifa, at a depth of 700 m., gas may be found in commercial quantities. Further studies are now required to determine whether the area should be drilled. The TASE Maof index rose 9% over the last week, and over the last three months has risen 24%. Lower ranking stocks also increased in value this week - the Tel Aviv 75 index rose this week by 3.4%, crossing the 400-point mark for the first time since August this year. Those on the capital market are now waiting for the dollar to increase to 4.39 shekels. The Lands Administration this week allocated 11.4 dunam in the Negev, west of Sdeh Boker, for the creation of the "Lev Hanegev" (Heart of the Negev) tourism project, at an investment of $1.3 billion. The project is the initiative of a group of investors from the US and South Africa, headed by diamond merchant Shlomo Groyer, incorporated as the "Shemesh Dromit Israel" corporation. The entrepreneurs want to construct an artificial lake, on a 1400 dunam area, with 7 km. of beach, as well as six hotels with 3,000 rooms, some 8,000 leisure and accommodation units, three golf courses, a convention center and more. The project was designed by the American company GFBA. Another deal authorized by the Lands Administration: the Administration's exemptions board this week authorized a group of business people, including film star Paul Newman, allocating land for the construction of a recreation village in the Galilee for children suffering from cancer. The group is seeking to invest $17 million in the village, to be called "The Jordan River Camp", to be constructed on 245 dunam in the Lavi forest, near Moshava Kinneret. The project will be sponsored by funds raised in Israel and worldwide, and so far $3 million have been raised. The recreation village is for Jewish, Muslim and Christian children, as well as those from neighboring Arab countries, and it will include sports facilities, a swimming pool, paths for horse-riding, a convention center and other facilities. The project is designed for 7-16 year olds, their parents, siblings and caregivers, who will be able to take vacation together. "Engel General Development", a subsidiary of "Yaakov Engel Construction" has agreed to construct two major projects in Europe - a neighborhood in the Hungarian city of Giyor, on a 450-dunam site to include 500 residential units, at an overall investment of $260 million. The second project, to be constructed together with the Hungarian company "Raba" will include apartment blocks, offices, commercial areas and public buildings. In Prague the Company will erect a residential project with 140 residential units at an investment of more than $7 million. "Arazim" this week reported that a foreign company, owned jointly by a second generation "Arazim" company, purchased a residential project in the UK at an investment of $17 million. The project is leased for 15 years, for $1.4 million annually (an annual return of 8%). The Israeli Company "Lipman" which develops end equipment for reading credit and smart cards, has recently signed two deals with American companies. CMS, an independent sales organization which clears electronic transactions, will provide "Lipman" with 12,000 payment monitors of the "Nurith" type, worth $4 million. The monitors will be sold to two banking customers - "Humboldt Bank" in California, and "National City" in Kentucky. In another deal, "Lipman" will provide monitors worth $20 million to "Excos" which is running a project jointly with "Royal", wholly owned by "Elbit". Israeli-American collaboration in the legal-business field: the Israeli firm of attorneys, Zissman, Aharoni and Gair is setting up an office in New York together with (an equal partnership) the American firm of Sullivan and Wister. The firm will appoint more than 20 lawyers, and will be called - "Zissman, Aharoni, Gair and Sullivan & Wister - ZAG - S&W". Zissman, Aharoni and Gair employs more than 40 lawyers and is currently hiring more, who hold both Israeli and American licenses, in order to employ them at the company's joint offices in New York. Sullivan and Wister employs more than 200 lawyers and has three branches: Boston, New York and Washington.
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