The attempted attack on the flydubai flight last week shocked the aviation industry. But on the Tel Aviv Stock Exchange the outcome was a 13% rise in El Al Israel Airline’s (TASE: ELAL) share price in two days, to give the airline a peak market cap of NIS 11.5 billion. While the investigation of the events in the sky continues, for investors in El Al the consequences of it are clear: a new wave of demand for seats on the Israeli airline, and continuation of the dream period it has enjoyed for three years, during which its value has risen by 450%.
Investors in Tel Aviv are apparently convinced that in the near future El Al will benefit from increased bookings, because of fears on the part of Israelis of flying with foreign airlines, particularly those based in the Gulf states. The investors have facts on the ground to support them. Local airlines have taken advantage of the security event to demand and receive renewed approval from the Israel Security Agency (Shin Bet) for flying to the UAE (which had been withdrawn). Furthermore, the fear of flying with foreign airlines and the uncertainty over whether their flights will even take place proved themselves time after time to be a very strong growth engine for El Al during the Swords of Iron war. Over the years, the foreign airlines have frequently cancelled flights to and from Israel or suspended their operations here altogether because of the fighting, and as a result El Al’s market share has shot up, and its ticket prices have risen to suit.
The optimism on the part of investors also rests on El Al’s strong results in the past few years. From the start of the Swords of Iron war in October 2023 up to the end of the second quarter of 2026 the company posted a cumulative net profit of $1.04 billion. The second quarter of this year began badly for the company because of the Roaring Lion operation against Iran, but it ended with a 103% increase in net profit over the corresponding quarter of 2025, to $126 million. El Al currently has a 50% share of passenger traffic at Ben Gurion Airport, and for several years seat occupancy on its flights has averaged an exceptional 94%. On the profitable routes to North America El Al has a dominant 92% market share, and bookings worth $1.4 billion.
The recent rise in its share price puts El Al on the verge of accession to the flagship Tel Aviv 35 Index for the first time. It returned to the Tel Aviv 125 and Tel Aviv 90 indices in 2024, after being absent from them since 2017. It is now one of the leading candidates for promotion to the Tel Aviv 35 when the indices are revised in November. It is toe-to-toe with renewable energy companies Doral and Energix, with hotels company Fattal Holdings slightly behind them in the running.
The big winners: The Rozenberg family
The big winners from the rise in El Al’s share price are the controlling shareholders Kenny Rozenberg and his son Eli. They bought control of the airline exactly six years ago, at the height of the Covid pandemic, when the skies were closed and it was on the point of collapse. Their gamble has proved to be one of the most successful and profitable ever on the local stock exchange.
Over the years, the Rozenberg family invested NIS 840 million in El Al. The shares that the family holds are now worth over NIS 4.6 billion. Moreover, El Al resumed distributing a dividend this year, for the first time since 2017, and NIS 150 million of it went to the controlling shareholders. On paper, the Rozenberg family is thus nearly NIS 4 billion to the good on its investment.
Other beneficiaries from the attack
Another possible gainer from the situation is credit card company Isracard, controlled by Delek Group, which starting from this year markets the credit card of El Al’s Matmid frequent flyer program, Fly Card, after wresting it at no small investment from rival credit card company Cal ICC. Isracard’s message in its attempt to distinguish itself from other frequent flyer programs is "who wants to fly with other airlines?" In this respect, the attempted attack on the flydubai flight certainly assists Isracard’s marketing line.
For now, however, El Al, Matmid, and Isracard are not disclosing numbers, and are not confirming whether there has been a rise in demand for Fly Card since the incident.
Published by Globes, Israel business news - en.globes.co.il - on October 5, 2026.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2026.