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Israel approves 53m USD for building hotels

Friday, February 2, 2018

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israeelSources from the ministry stated that Israel’s Ministry of Tourism has approved 180 million new shekels or 53 million U.S dollars in 2017.

 

 

 

The number of hotel rooms in the Jewish state is expected to increase by approximately 2,570 in the coming years, according to the ministry due to the boom in tourists arrival to Israel.

 

 

Yariv Levin, Minister of Tourism said that the they were working on expansion of the hotel room supply by offering financial assistance to entrepreneurs and approving grants for hotel construction. This is due to the growth in incoming tourism leading to lower prices.

 

 

The grants in 2017 were allocated for the establishment, expansion and conversion of 35 hotels throughout the country within the framework of the Law for the Encouragement of Capital.

 

 

 

For the preservation and construction of a 248-room budget hotel in Jerusalem the largest grant of 35 million new shekels was allotted.

 

 

 

For five hotel projects with 482 rooms the total approved grant will be approved.

 

 

Israel will continue to see prosperity in the tourism industry and Levin was convinced with the momentum in hotel construction.

 

 

 

According to the figures issued by Central Bureau of Statistics of Israel in early January more than 3.6 million tourists visited Israel in 2017.

 

 

A new record high with an increase of 25 percent on 2016, generated more than 20 billion new shekels in revenue and created about 25,000 new jobs.

 

 

In 2017, Chinese tourists to Israel reached 123,000 reaching a new record high and up 45 percent from 2016.

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