A joint Jerusalem Municipality - Mifal Hapayis national lottery steering committee has agreed to work towards having the new Jerusalem arena declared a national project in an effort to increase the project's budget.
Jerusalem mayor Nir Barkat and Mifal Hapayis chairman Uzi Dayan agreed that they should work together to raise the necessary funds to complete the 11,000-seat arena in one stage, and not in two, which had previously been the plan. As of now, NIS 257 million has been approved for the project, which would suffice for a 5,600-seat stadium. In order to complete all the construction for an 11,000-seat stadium in one phase, an estimated NIS 120 million would need to be added to the budget.
In the coming days, the Jerusalem Municipality will approve NIS 27 million for publishing 2012 tenders. It is also going to form a municipal company to manage the future sport complex in the Malha neighborhood, which will be the largest in Israel.
The sport complex will also include an Olympic-size swimming pool, 12,000 square meters of commercial space, a 240-room hotel, parking for 500 cars, and a light-rail station that will enable easy access to the complex.
Published by Globes [online], Israel business news - www.globes-online.com - on January 24, 2012
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