"Developers want to make money. We want checks that are redeemable, and not just in compliments. I'm prepared to declare that as business conditions, incentives, and reduced bureaucratic restrictions make it more worthwhile to invest in Jerusalem, we - Africa-Israel - will be there," said Africa-Israel Investments (TASE: AFIL) chairman Lev Leviev, at the Jerusalem Conference 2005 today.
Leviev said, "This is the time to increase investment, roll up our sleeves, 'For now the LORD has made room for us, and we shall be fruitful in the land' (Genesis 22:26) This is the moment of truth for Jerusalem that should be fully exploited. The security and geopolitical atmosphere is improving. But without a proper business infrastructure, the city cannot grow."
Leveiv said Africa-Israel was continuing to do business in Jerusalem, and was even prepared to take on BOT (build, operate, transfer) projects, such as student dormitories. He said Africa-Israel would shortly begin construction of 200 luxury apartments in downtown Jerusalem, between Nevi'im St., Jaffa St., and Raoul Wallenberg St.
Commenting on the Mamilla-Village of David project, Leviev said apartments were occupied, and that the company was now considering building 78 more.
Leviev added that Africa-Israel also operated in Jerusalem through eight Co-Op supermarkets, the Zara fashion franchise, Alon Dor Group gas stations, and other businesses.
Published by Globes [online], Israel business news - www.globes.co.il - on April 11, 2005