Harel Insurance Investments and Financial Services

Full Text

הראל השקעות בביטוח ושירותים פיננסיים בע"מ

A publicly-traded Israeli insurance company operating in the fields of health insurance, non-life insurance, life insurance, pension funds, liabilities insurance provident funds, portfolio management and other financial services.

Investment in energy projects:

Harel invests millions of shekels in Israeli green energy companies, among them Solar Edge, Enlight and Energix. In addition, it takes part in financing specific green energy projects, such as Enlight's wind project Emek Habacha in the occupied Syrian Golan, and solar energy projects in the Naqab. Click here to read more on Israeli wind energy industry's complicity in the Golan, and click here to read more on the Israeli solar energy industry's complicity in the Naqab.



Investment projects advancing the Israeli military:

Harel is a partner in the Israel Infrastructure Fund, a private equity fund supporting projects in the fields of energy, transport, roads, water, logistics, digital infrastructure and others.

The fund, along with the companies Bezeq and Serverfram, invested NIS 500 million for the establishment of a server farm which will host Bezeq and Google. Google will host on its servers the government and commercial companies` activities as part of its role in the Nimbus project. Project Nimbus provides cloud services to different Israeli bodies, including the Israeli Ministry of Defense (IMOD) and the Israeli army. In 2021, Google and Amazon employees published a letter condemning the two companies` involvement in the project, stating that "the technology [the] companies have contracted to build will make the systematic discrimination and displacement carried out by the Israeli military and government even crueler and deadlier for Palestinians."

Investment in settlement infrastructure and transport projects:

Harel owns 20% of Citypass, the consortium that was established to build and operate the Red Line of the Jerusalem Light Rail (JLR). The Israel Infrastructre Fund also owns 30% of Citypass. Harel announced that it invested NIS 25 million in the JLR. The Israel Infrastructure Fund has also invested in the JLR, through Citypass and through Connect Jerusalem, which is the sole service operator for the JLR. The JLR connects Israeli settlements in occupied East Jerusalem with the western part of the city. Click

Providing loans to construction on occupied land:

Harel, along with the company Gamla Millennium, owns Gamla Harel, a company that provides financial support to real-estate projects.

In 2020, Gamla Harel provided support to the Israeli construction company Toren your House. As part of the agreement, Gamla Harel held as collateral the company's rights in its project in the settlement of Ariel (14,854 meters of land).

In 2021, Gamla Harel accompanied the Israeli construction company Efi Capital. As part of the agreement Gamla Harel holds as collateral the company's rights the settlement of Givat Hamatos in occupied Jerusalem.

Holding shares in complicit companies:

The company holds shares in several companies that are complicit in the Israeli occupation, either through construction on occupied land, bolstering the Israeli security apparatus, exploitation of natural resources and providing services to settlements. It holds 4.41% of the share of Shikun & Binui, 7.76% of the shares of ZMH Hammerman, 7.91% of the shares of Formula Systems and 7.26% of Enlight Renewable Energy's shares.

In addition, Harel holds shares in different Israeli banks, all of which are involved in construction on occupied land and providing financial services to settlement regional and local councils. It holds 6.65% of Discount Bank's shares, 6.12% of the First International Banks of Israel's shares, 7.32% of Hapoalim Bank's shares, 6.27% of Leumi Bank's shares and 5.06% of Mizrahi Tefahot Bank's shares.


Harel is also involved in the financing of Policity- The Israeli Police National Training Academy.

The company provides special insurance services to Israel Aerospace Industries and Rafael Advanced systems, two Israeli weapons manufacturers. In addition, it provides special services to the municipality of the settlement of Ariel and for the employees of Midreshet HaRova, which is located in the Jewish Quarter of the old city of occupied Jerusalem. Lastly, the company provides special services to the members of IMOD.



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