A UK-Israel business group has named the London Stock Exchange (LSE) as its British company of the year at its annual awards dinner.

UK Israel Business (UKIB), which also celebrated 70 years of trade between the two countries at last night’s ceremony, said the stock exchange had “proved its commitment to Israel”, with 29 Israeli companies listed.

Hugo Bieber, the UKIB chief executive, said: “I can think of no better lead-up to the 70th anniversary of Israel than to honour the London Stock Exchange Group for its meaningful interest in Israel and its sheer professionalism.”

Erel Margalit, a former Israel Knesset member and high-tech entrepreneur who founded Jerusalem Venture Partners, delivered the key note address, telling the 400-strong audience that Israel could “transform the entire Middle East” by harnessing innovation.

Leo Noé, the executive chairman and founder of the Noé Group, was awarded UKIB’s lifetime achievement award, while LABS won the prize for Israeli company of the year for creating “state of the art co-working spaces in London and Tel Aviv.

Crossrider, an online distribution and digital product hub, won the London-listed Israeli company of the year award, and the pirze for most promising company went to Healthy.io, for becoming the world’s first company to turn smartphone cameras into urinalysis devices.

Mr Bieber added that each of the Israeli companies were worthy winners, describing them as “game-changers in their field”.