Tel Aviv is the main gateway into Israel. Besides, being the second largest city in the country it is also an important commercial, business and financial center here. Since the world and the United Nations do not recognize Jerusalem as the official capital, Tel Aviv has since stepped into its shoes. The city houses prominent embassies and acts as its face to the outside world. In spirit and at face value Tel Aviv offers promising environ for the world to invest here. The city is presently home to many business institutions, venture capital funds, international banks, and numerous consulting companies and international law offices.
World’s Leading Financial Centre
Tel Aviv has attained a name for itself as one of the top financial centers in the world today. The city has for the first time ever catapulted itself and is ranked 32nd among 79 world’s leading financial centers. The rankings, which were published in 2003, placed Tel Aviv in an unassailable position with a score of 653 in the Global Financial Centers Index (GFCI). It became the only new city to be recognized for rankings last year. Apart from global rankings, Tel Aviv also ranked 3rd among Middle Eastern financial centers, led by Qatar and Dubai respectively.
The GFCI ranking is considered vital and is constantly used by MNCs as a trustworthy and viable tool for making decisions regarding setting up of new offices globally. The GFCI ranking has therefore placed Tel Aviv in a coveted position boosting its economic profile considerably. A renowned expert said that new foreign companies would now be greatly attracted to Israel for setting up their ventures.
According to a financial expert, Tel Aviv has left many traditional European financial centers such as Milan, Amsterdam, Stockholm, Rome and Munich behind in the race. The city is now aggressively promoting itself as a prominent financial centre and is aiming to become one of the top 20 financial centers in the world. Tel Aviv got the required boost on this front when Barclays and Citigroup established their financial research centers in the city after Israeli government’s new initiative for promoting investment in the financial sector.
A City of Startups
Tel Aviv being the financial and business center of Israel has the highest density of tech start-ups in the globe today. In fact, Israel sees itself as the “startup nation”, proudly proclaiming technology as its No. 1 export. There are as many as 4,800 startups in the country as of now, with some two dozen accelerator/incubator programs in Tel Aviv alone, some of them being run by tech biggies like Google and Microsoft.
With a huge number of tech startups in Tel Aviv and elsewhere in the country, there is strong inflow of more venture capital dollars per-capita than other countries in the world. Israel is also among the few countries in the world with largest number of companies currently listed on the NASDAQ. With numerous startups in the city, Tel Aviv is now ranked as world’s 5th best place to establish a startup.
Tel Aviv is a prime technology hub of Israel. While there are many beautiful things to discuss about this city, let us look at what it has to offer in terms of technology.
When it comes to technology, interested businesspersons are more than willing to invest in Silicon Valley. However, as per international studies conducted about two-years ago, the city offers the best and most suitable background to establish a new company. The study comprised a sample of 50,000 industrialists from different parts of the world.
The unsaid truth is that many prospective investors head to the much-bigger cities around the world most of which are based in the United States and Europe. However, it was a proud moment for the city to be termed as the second most favorable city to set up a startup technology venture. As per the findings, the city was named next only to Silicon Valley. It beat other rivals like Seattle, Los Angeles, Boston, New York, Chicago, Toronto, and London. Interestingly, it won the honors by also surpassing the likes of Santiago, Bangalore, Melbourne, Singapore, Waterloo, Berlin, Moscow, Sao Paulo, Sydney, and Paris.
As per the findings in the report of the study, Tel Aviv is suitable for all those who are aiming it big like the Silicon based companies including Facebook, Apple, and Google. The city guarantees success to new ventures due to the infrastructure, superior knowledge, skilled man force, and other amenities. The study also pointed at facts like the average age of businessmen here. Tel Avivian entrepreneurs’ age is 36.16 years, which is two-years more than the average age of executives based in the Silicon Valley. Another interesting fact that came to light was that startup employees in the Israeli city work for about 9.42 hours per day. however, this number is less than their Silicon Valley based counterparts that stands at 9.95 hours per day.
Given the facts, the city looks like a promising place to set ones dreams rolling in the positive direction.