Israeli hotel chain expands into Greece with €millions Athens deal
Isrotel, Israel’s leading hotel group, is acquiring half the rights to a 171-room hotel in central Athens housed in a historic building, with the transaction valued at tens of millions of euros. The hotel is expected to open in 2027 under an international brand and will be the group’s fourth property in the Greek capital. The expansion marks continued growth of Israeli hospitality investments across Europe.
Israeli consumer spending dips 8% ahead of High Holy Days despite higher transaction volumes
Fintech firm Hyp data reveals Israelis are purchasing more items but spending less per transaction as High Holiday shopping begins, with average purchase values down 8 percent. Households are cutting expenses at supermarkets and sharply reducing spending on fashion and cosmetics. The trend reflects pressure on household budgets as Israelis navigate economic pressures during the holiday season.
Foreign workers become integral to Israel’s economic engine post-war
Foreign workers who arrived in emergency flights to fill labour gaps left by the war have become a permanent fixture of Israel’s workforce, particularly in construction. Industry leaders argue the shift represents a deep structural change that cannot be reversed, as foreign worker federations report record employment levels. The development raises questions about workforce policy as Israel enters the new year.
Israeli Tax Authority shifts to digital-only asset declarations by 2027
Israel’s Tax Authority announced new procedures eliminating paper-based asset declarations from January 2027, requiring digital submissions only. The change, anchored in a finance ministry directive, aims to streamline data collection and supports the authority’s transition to a paperless organisation, with an adaptation period allowing paper documents until the deadline.
Dor Alon energy firm suspects massive embezzlement by employees
Israeli energy company Dor Alon reported to the stock exchange suspected systematic theft by employees across multiple petrol stations totalling approximately 40 million shekels, mostly occurring over the past two years. The company has hired external investigators and filed a police complaint, though management estimates the fraud will not materially impact financial reports despite its substantial scale.
Consumer protection authority warns of fake Kenneth Cole website
Israel’s Consumer Protection Authority has issued a warning about a fraudulent website impersonating the official Kenneth Cole Israel site. The fake site mimics the brand’s name and styling in an attempt to deceive consumers into sharing personal information and making purchases.
Israel launches $500m biotech venture to fund early-stage drug development
Leading academic and healthcare institutions have partnered to establish a non-profit venture capital fund worth $500 million aimed at commercialising promising biotech research and transforming it into viable startups. The initiative responds to declining investor activity in Israel’s biotech sector and seeks to bridge the funding gap for early-stage pharmaceutical companies developing potentially lifesaving treatments.
Israel’s water resilience tested as desalination stations suspended
Energy Minister Eli Cohen has declared Israel has access to nearly double the drinking water needed for households, despite a ninth-day partial suspension of water processing stations. The statement comes as the country grapples with desalination facility outages affecting water supply. Cohen’s optimistic assessment seeks to reassure the public of Israel’s water security despite the operational challenges.
Tax Authority nets just 51m shekels from crypto amnesty programme
Israel’s tax authority concluded its capital laundering operation with disappointing results, collecting only 51 million shekels from unreported cryptocurrency gains. The authority now plans to pursue aggressive enforcement against black market funds held abroad by Israeli citizens. The initiative, designed to encourage voluntary disclosure of hidden assets, fell short of official expectations.
Israeli banks facing pressure over illegal foreign worker transfers
Israeli construction industry labour contractors claimed approximately 80,000 foreign workers operate in Israel without valid permits, with around 14,000 in construction. They petitioned the banking regulator to require banks and money transfer companies to verify work permits before processing overseas transfers.