Testing underway for Jerusalem — Tel Aviv rail link

Israel Railways has successfully completed a first test drive for the Tel Aviv - Jerusalem electric line.

The significantly delayed line is expected to open before the end of the year, making it possible to travel between the two cities in 28 minutes.

The first trip was made by a single electric locomotive with no carriage or passengers to test the rail and electrical connections.

Trial runs will continue over the next three months, with carriages added over time.

The line is expected to operate up to three trips per hour.

Thousands of new homes for Jerusalem

Jerusalem mayor Moshe Lion unveiled an urban renewal plan to meet the city’s expected growth to 1.4 million people by 2040. 
Over the coming five years 20,000 homes will be built, with a further 20,000 to follow through projects to demolish existing dwellings and replace them with larger buildings.

The plan will also apply to East Jerusalem, where Israel claims sovereignty.

Here, several projects are being pushed forward aimed at urban renewal and more efficient exploitation of the land.

Stage Fund swoops for cybersecurity firm

US private equity fund Stage Fund has bought an Israeli company that develops cyber deception systems. 

Cymmetria was founded by security expert Gadi Evron, who previously managed the security system of the Israeli government and held senior positions at both Kaspersky and PwC.

The purchase price, which has not been disclosed, is estimated in the millions of dollars.

Its products help organisations hunt attackers, detect lateral movement inside a perimeter, automate incident response and mitigate attacks.

The company also offers deception as a service, enabling organisations to customise deception technologies for their business environment.

Russian real estate in the Israeli market

Russian real estate company SOK is set to enter Israel’s growing shared workspace market after leasing a space in the heart of Tel Aviv for around £3.9 million.

The complex is expected to open in early 2020 and will include three floors with space for 500 people.

Five more such workspaces are expected to open in Israel over the next three years, reaching a total area of 20,000 square meters.

Boost to green energy with dedicated zone

Israel’s government has approved plans to develop renewable energy infrustructure in a 10,000-acre zone.

Titled “Master Plan 41”, it maps several large sites, mostly in the south of the country, for the creation of solar and wind farms that can be exploited until 2050.

IzBiz is compiled every fortnight for the JC by Jeremy Seeff, partner at ERM, a cross-border law firm based in Tel Aviv for corporate, finance and real estate matters. Read previous editions of IzBiz here.