ISRAEL

Israel is a country of mixed religions, cultures and ethnicities.

The America-Israel Cultural Foundation (AICF) works to provide support to Israeli culture through study scholarships and grants to young children for their artistic education. They help expose hundreds of world famous Israeli artists and took the lead in recognizing and nurturing their talent.

Israeli authors write in Yiddish, English, Arabic and Russian.

The population is made up mostly of Jewish, Muslim and Christian people.

Israeli folk dancing (Hebrew ריקודי עם - ree,koo,dey 'am, dances (of the) people) is a form of dance usually performed to songs in Hebrew, or to other songs popular in Israel, with dances choreographed for specific songs. Israeli dances include circle, partner, line, and individual dances

Israel's Jewish people usually practice a Kosher Diet while the Muslim people follow a Halal Diet

Since Israel is a mixed culture and religious society there are many Holidays celebrated throughout the years.

Women in Israel have been officially guaranteed gender equality since the establishment of the State of Israel in 1948 and allows women to actively participate in all aspects of Israeli life. The Israeli Declaration of Independence states: “The State of Israel (…) will ensure complete equality of social and political rights to all its inhabitants irrespective of religion, race or sex.”

There are many traditional Israeli greeting but they do change with every Israeli holiday.

Israel's Geert Hofstede Placement

• Israel’s highest score on Hofstede’s scale of cultural dimensions was a 81 on uncertainity avoidance and a 13 on power distance. This means that Israel is very structured and needs to have things planned in order to function well as a culture. They really value their time and don’t like to waste it.
• With power distance Israel is a very low power distance culture which means that they are equal in areas such as men and women can have the same job.
• In the business world Israel is similar to the U.S with shaking hands and certain attire. You will want to maintain eye contact. Israel is more blunt and get straight to the point and may seem arrogant and pushy.

The Israeli society is a blend of individualistic and collectivistic cultures. Small families with a focus on the parent-children relationship rather than aunts and uncles are common. And at the same time extended families, with many children and close ties to all other family members are a part of society as well. There is a strong belief in the ideal of self-actualization. Loyalty is based on personal preferences for people as well as a sense of duty and responsibility. Communication is direct and expressive.

Currency exchange rates


The State of Israel’s currency is the New Israel Shekel (NIS) or shekel for short. 1 Israeli New Sheqel equals
0.25 US Dollar. There are 100 agorot in each shekel. Bank notes are in denominations of NIS 20, 50, 100, and 200; coins are in denominations of NIS10, NIS5, NIS2 NIS1 and 50 and 10 agorot.

The USDILS spot exchange rate specifies how much one currency, the USD, is currently worth in terms of the other, the ILS. While the USDILS spot exchange rate is quoted and exchanged in the same day, the USDILS forward rate is quoted today but for delivery and payment on a specific future date.

The Bank of Israel is the central bank of the State of Israel. The Bank was established in 1954. It is situated in Kiryat Ben Gurion in Jerusalem, close to the Knesset (Israel's parliament), the Supreme Court, and government ministries.

Local trade in securities began in the 1930s, years before the formation of the State of Israel. Trade was carried out through the Exchange Bureau for Securities, founded by the Anglo-Palestine Bank (which became Bank Leumi Le-Israel) in 1935.

With the formation of the State of Israel in 1948, a pressing need arose to formalize trade in securities. In September 1953, a number of banks and brokerages joined forces and established the Tel Aviv Stock Exchange.

Currently there are no loans to Israel from the World Bank/IBRD.

Foreign companies wishing to set up a presence in Israel can choose to register a Branch Office, Subsidiary Company or a Representative Office, contingent upon which best conforms to the specific needs, business plans, and strategic goals of the specific company. The registration must be executed by a professional law firm in Israel.

Foreign companies are not required to enter in a joint venture with an Israeli company and can borrow money from Israeli banks.

Israel is blesses with ports, airports, modern roads and bridges. Water supply and sanitation in Israel are intricately linked to the historical development of Israel. Because rain falls only in the winter, and largely in the northern part of the country, irrigation and water engineering are considered vital to the country's economic survival and growth.

Israel's infrastructure is modern and well developed. Israel is the tech center of the Middle East. Israel has one of the highest cell phone usage rates in the world with an advanced technological cellular infrastructure. To cope with its growing population and to improve the functioning of the economy, Israel is making large investments to upgrade its infrastructure. The Israel Electric Corporation (IEC) is the main producer of electricity in Israel. Its full production capacity is 11,900 megawatts

In conclusion, Israel is a good trade partner to many countries and a great country to do business in. With a strong infrastructure, dependable power, internet and cellular service Israel is attractive to foreign & domestic firms in the growing tech market. This along with a diverse and intelligent workforce make Israel stand out as the marketing power house of the Middle East. With firms allowed to open business and borrow money from banks in Israel you can expect to see Israel being the regional business and financial hub of the Middle East for many years to come.