Phoenix Financial
Full Text
הפניקס פיננסים בע"מ
Head office: HaShalom Rd 53, Giv'atayim 5345433, Israel. Tel.: +972-3-7332997
Phoenix Financial is a publicly traded Israeli company operating in the fields of insurance, asset and investment management, agencies, financial services and credit.
The company finances settlement expansion projects and exploitation of occupied natural resources, and provides services to the Israeli Ministry of Defense and the Israel Police.
As previous research by Who Profits has shown, Phoenix Financial and other major Israeli insurance companies are complicit in financing settlement construction, settlement transportation projects, exploitation of occupied natural resources, and in Israel’s military-industrial complex, both directly and through their holdings in other complicit companies.
For more on the complicity of Israeli insurance companies and pension funds see Who Profits’ report: Insuring Dispossession: The Complicity of Five Israeli Insurance and Pension Companies in the Violation of Palestinian Rights.
Financing Settlement Construction Projects
Construction on Occupied Land
In July 2022, Phoenix granted Israeli construction company Efi Capital’s a loan for a construction project of 166 housing units on 10 plots on 27.459 dunams (27,549 square meters) of land as part of Plan No. 120/6 for the development of a residential neighborhood in the settlement of Emmanuel. As part of the agreement Phoenix holds as collateral the company's rights in the project.
In March 2022, Phoenix granted Israeli construction company Z.F. Building a NIS 7 million loan for a construction project of 106 housing units in the settlement of Efrat. As part of the agreement Phoenix holds as collateral the company's rights in the project.
Holdings in Complicit Companies
Services to the Israeli Military
Phoenix holds 19.95% of the shares in Israeli manufacturer of riot control weapons, ISPRA- Explosives Manufacturing Industries, which provides riot control weapons, mainly tear gas, to the Israeli military, the Israel Police and the Israel Prison Service.
Phoenix holds 13.8% in Smart Shooter, which provides Artificial Intelligence and Machine Learning based technologies weapon systems to the Israeli military used in Gaza and the occupied West Bank. In 2021, Phoenix invested USD 10 million in Smart Shooter. Phoenix first invested in the company in 2019.
Phoenix holds 11.9% in Mayer Cars & Trucks Co., the exclusive importer of Volvo Group in Israel. Mayer Cars provides Volvo equipment, vehicles, spare parts and maintenance services to the Israeli Ministry of Defense (IMOD). Through its subsidiary, Merkavim Transportation Technologies Ltd., jointly held with Volvo Group, Mayer Cars provides armored buses to settlements in the occupied West Bank and to transportation companies operating bus lines in the occupied West Bank and East Jerusalem. The company has also provided buses for the Israel Prison Service.
Phoenix holds 8.16 % shares in Aryt Industries which manufactures, through its subsidiary Reshef Technologies, electronic fuses, which enable the operation control of explosive charges found in artillery shells, tanks, mortars and artillery rockets. The company provides fuses to the Israeli Ministry of Defense.
Phoenix holds 8.12% of the shares in Israeli IT company, One Software Technologies, which is a supplier of a wide range of computing services, computers, and equipment to the Israeli Ministry of Defense, the Coordinator of Government Activities in the Territories (COGAT), the Israeli Civil Administration (ICA) in the West Bank, and the Israeli military District Coordination and Liaison (DCL) Gaza. The company has also provided services to the Israel Prison Service.
Phoenix holds 6.62% of the shares in Israeli IT company, Malam Team, which is an official supplier for the Israeli Ministry of Defense (IMOD) and supplies services to the Israel Police, Israeli military and the Israel Security Agency (Shin Bet).
Phoenix holds 6.6% of the shares of the Israeli IT company, Formula Systems which provides through its subsidiaries services for the Israeli Ministry of Defense and Israeli army, especially in air and missile defense, command & control, intelligence and cyber systems development.
Exploitation of Occupied Natural Resources
Phoenix provides financial infrastructure for renewable energy projects in the occupied Syrian Golan. And holds shares in companies involved in the exploitation of occupied natural resources in both the occupied West Bank and Syrian Golan.
ARAN Wind Project
Phoenix holds 7.15% of the shares of Afcon Holdings, which won the tender for carrying out electrical works and civil infrastructure for the ARAN project. The ARAN project of Energix Renewable Energies is a large wind turbine farm in the occupied Syrian Golan. The project will include 41 wind turbines, 200 meters long each, built on agricultural land owned by Syrian farmers. Additionally, Afcon supplies services to the Israeli military, the Israel Prison Service and the Israel Police.
Emek Habacha
Phoenix holds 4.24% of the shares of Enlight Renewable Energy, which develops and operates several renewable energy projects in the occupied Syrian Golan.
Phoenix, together with a consortium of Bank Hapoalim and Harel Insurance, financed the construction of Enlight’s Emek Habacha Wind Project in the occupied Syrian Golan with NIS 525, million 80% of the cost of the entire project.
The projects are two of the largest Israeli wind energy projects in the Golan, contingent on the exploitation of occupied land and natural resources for the benefit of Israeli households and industry on both sides of the Green Line.
For more on the Israeli wind energy industry in the occupied Golan, see Who Profits reports Greenwashing Dispossession: The Israeli Renewable Energy Industry and the Exploitation of Occupied Natural Resources and Greenwashing the Golan: The Israeli Wind Energy Industry in the Occupied Syrian Golan.
Renewable Energy in the Naqab
Phoenix provided financing to the Neot Hovav solar field in the Naqab, established by Energix Renewable Energies. The project is contingent on the dispossession of local Palestinian Bedouin communities in the region and the demolition of over 1,000 Bedouin homes while exposing thousands of residents of the area to health risks.
Phoenix financed additional renewable energy projects in the Naqab region in which it holds shares. For more on developmental projects in the Naqab, see Who Profits Dynamic Map Tools of Dispossession in the Naqab: Development & Military Projects.
Phoenix holds 10.53% of the shares of Israeli construction company Ashtrom Group, which operates a quarry in the occupied West Bank and a cement plant in occupied East Jerusalem, and is involved in a renewable energy project in the occupied Syrian Golan.
Phoenix holds 1.3% of the shares in Israeli renewable energy company, Meshek Energy-Renewable Energies, which owns the Meitarim Solar Field located in the Meitarim settlement Industrial Zone in South Hebron Hills in the occupied West Bank.
Jerusalem Light Rail
Phoenix holds 8.18% in Shapir Engineering and Industry, the co-operator and developer of the Jerusalem Light Rail (JLR), a large-scale Israeli transport infrastructure project connecting large settlement blocks in occupied East Jerusalem to the center of the city and its western side, creating territorial continuity and easing settler movement on both sides of the Green Line. For more on the Jerusalem Light Rail, see Who Profits Update: Developments in the expansion of the JLR network: The J-Net project.
In addition, Shapir operates a quarry and a concrete plant near the settlement of Nili in the occupied West Bank.
Settlement Infrastructure
I.B.C. Unlimited
Phoenix holds 34.3% shares of I.B.C. (Unlimited) Holdings, which provides planning and construction of fiber optic network for settlements in the occupied West Bank.
IBC Unlimited holds a license to deploy fiber across the occupied West Bank to provide high-speed internet to settlements in the West Bank. The company provides fiber optic internet infrastructure in the settlements of Givat Ze’ev, Ma’ale Adumim, Ariel, Beit Aryeh, Oranit, Revava, Barkan, Elkana, Alfei Menashe, Nofim, Kfar Adumim, Geva Binyamin, Har Adar, Ma’ale Michmash, Psagot, Kochav Ya’akov, Geva Binyamin, Kochav Hashahar, rimomim, Talmon, Dolav, Na’ale, Kdumim, Emmanuel, Sala’it and Kochav Yair in the occupied West Bank.
Phoenix holds 6.87% of the shares of Lesico Group, a publicly traded Israeli company that carried out works for the expansion of the Kidron water treatment plant located in the occupied West Bank and provides services to settlements in the occupied West Bank
Phoenix holds 6.23% of the shares of Cellcom Israel which provides telecommunication services and cellular infrastructure to settlements in the occupied West Bank, East Jerusalem and the Syrian Golan, and provides cellular and internet services to the Israeli Ministry of Defense, the Israeli military and the Israeli Civil Administration in the occupied West Bank. The company has provided cellular infrastructure to the Israeli military inside occupied Gaza.
Phoenix holds 6.1% of the shares of Partner Communications which provides telecommunication, cellular, and internet services and infrastructure to Israeli settlements, the Israeli military and the Israeli District Coordination of Gaza and the Israeli Civil Administration in the settlement of Beit El in the occupied West Bank.
Construction on Occupied Land
Phoenix holds 12.74% of the shares of Shikun & Binui Group which has significant involvement in the construction and expansion of settlements and infrastructure in the occupied West Bank and East Jerusalem. The company was also involved in the construction of the barrier surrounding the besieged Gaza.
Phoenix holds 6.62% of the shares of Oron Group, which is involved in construction on occupied land and the exploitation of occupied natural resources in the occupied West Bank. The company owns and operates the Meitarim Quarry located near the settlement of Tene Omarim in the southern Hebron Hills in the occupied West Bank.
Phoenix holds 6.97% of the shares of Electra, which is involved in construction in the occupied West Bank and East Jerusalem and provides service to the Israeli military and the Israel Police.
Other Services to Settlements
Phoenix owns 80% of the Ramot shopping mall, located in the settlement neighborhood of Ramot in occupied East Jerusalem.
Phoenix shares 11.28% of the shares in Israeli fashion retail company, Castro Model, the Castro Group operates four stores in Ariel and Ma’ale Adumim settlements in the occupied West Bank.
Phoenix holds 7.36% of the shares in Israeli clothes manufacturer, Delta Galil Industries, which operates branches in the settlement neighborhoods of Pisgat Zeev and Ramot in occupied East Jerusalem and in the settlement of Maale Adumim in the occupied West Bank.
Phoenix holds 6.63% of the shares of Shufersal which operates supermarket and drugstore branches under the brand names “Shufersal”, “Shufersal Deal”, “Yesh Chesed” and “Be” in settlements in the occupied West Bank, East Jerusalem and the Syrian Golan.
Holdings in Israeli Banks
Phoenix holds shares in Israeli banks Discount Bank (7.26%), Leumi Bank (7.12%), and Hapoalim Bank (7.12%), all of which are involved in financing settlement construction on occupied land and in providing financial services to settlements' regional and local councils. For more on the involvement of Israeli banks see their profiles and Who Profits’ report Financing Land Grab: The Direct Involvement of Israeli Banks in the Israeli Settlement Enterprise.
Services to the Israel Police
Phoenix provides group dental insurance for officers and retirees of the Israel Police and their families. In March 2024, the company was contracted, with an exemption from tender, to provide dental insurance to the Israel Police for NIS 42,000,000 for four years.
In September 2023, the company was contracted, with an exemption from tender, to provide dental insurance to the Israel Police for NIS 6,000,000 for one year.
Services to the Israeli Prison Services
In August 2025, Phoenix was contracted to provide dental insurance for guards and retirees of the IPS for NIS 10,196,666 for 3 years.
Phoenix Financial is a publicly traded Israeli company operating in the fields of insurance, asset and investment management, agencies, financial services and credit.
The company finances settlement expansion projects and exploitation of occupied natural resources, and provides services to the Israeli Ministry of Defense and the Israel Police.
As previous research by Who Profits has shown, Phoenix Financial and other major Israeli insurance companies are complicit in financing settlement construction, settlement transportation projects, exploitation of occupied natural resources, and in Israel’s military-industrial complex, both directly and through their holdings in other complicit companies.
For more on the complicity of Israeli insurance companies and pension funds see Who Profits’ report: Insuring Dispossession: The Complicity of Five Israeli Insurance and Pension Companies in the Violation of Palestinian Rights.
Financing Settlement Construction Projects
Construction on Occupied Land
In July 2022, Phoenix granted Israeli construction company Efi Capital’s a loan for a construction project of 166 housing units on 10 plots on 27.459 dunams (27,549 square meters) of land as part of Plan No. 120/6 for the development of a residential neighborhood in the settlement of Emmanuel. As part of the agreement Phoenix holds as collateral the company's rights in the project.
In March 2022, Phoenix granted Israeli construction company Z.F. Building a NIS 7 million loan for a construction project of 106 housing units in the settlement of Efrat. As part of the agreement Phoenix holds as collateral the company's rights in the project.
Holdings in Complicit Companies
Services to the Israeli Military
Phoenix holds 19.95% of the shares in Israeli manufacturer of riot control weapons, ISPRA- Explosives Manufacturing Industries, which provides riot control weapons, mainly tear gas, to the Israeli military, the Israel Police and the Israel Prison Service.
Phoenix holds 13.8% in Smart Shooter, which provides Artificial Intelligence and Machine Learning based technologies weapon systems to the Israeli military used in Gaza and the occupied West Bank. In 2021, Phoenix invested USD 10 million in Smart Shooter. Phoenix first invested in the company in 2019.
Phoenix holds 11.9% in Mayer Cars & Trucks Co., the exclusive importer of Volvo Group in Israel. Mayer Cars provides Volvo equipment, vehicles, spare parts and maintenance services to the Israeli Ministry of Defense (IMOD). Through its subsidiary, Merkavim Transportation Technologies Ltd., jointly held with Volvo Group, Mayer Cars provides armored buses to settlements in the occupied West Bank and to transportation companies operating bus lines in the occupied West Bank and East Jerusalem. The company has also provided buses for the Israel Prison Service.
Phoenix holds 8.16 % shares in Aryt Industries which manufactures, through its subsidiary Reshef Technologies, electronic fuses, which enable the operation control of explosive charges found in artillery shells, tanks, mortars and artillery rockets. The company provides fuses to the Israeli Ministry of Defense.
Phoenix holds 8.12% of the shares in Israeli IT company, One Software Technologies, which is a supplier of a wide range of computing services, computers, and equipment to the Israeli Ministry of Defense, the Coordinator of Government Activities in the Territories (COGAT), the Israeli Civil Administration (ICA) in the West Bank, and the Israeli military District Coordination and Liaison (DCL) Gaza. The company has also provided services to the Israel Prison Service.
Phoenix holds 6.62% of the shares in Israeli IT company, Malam Team, which is an official supplier for the Israeli Ministry of Defense (IMOD) and supplies services to the Israel Police, Israeli military and the Israel Security Agency (Shin Bet).
Phoenix holds 6.6% of the shares of the Israeli IT company, Formula Systems which provides through its subsidiaries services for the Israeli Ministry of Defense and Israeli army, especially in air and missile defense, command & control, intelligence and cyber systems development.
Exploitation of Occupied Natural Resources
Phoenix provides financial infrastructure for renewable energy projects in the occupied Syrian Golan. And holds shares in companies involved in the exploitation of occupied natural resources in both the occupied West Bank and Syrian Golan.
ARAN Wind Project
Phoenix holds 7.15% of the shares of Afcon Holdings, which won the tender for carrying out electrical works and civil infrastructure for the ARAN project. The ARAN project of Energix Renewable Energies is a large wind turbine farm in the occupied Syrian Golan. The project will include 41 wind turbines, 200 meters long each, built on agricultural land owned by Syrian farmers. Additionally, Afcon supplies services to the Israeli military, the Israel Prison Service and the Israel Police.
Emek Habacha
Phoenix holds 4.24% of the shares of Enlight Renewable Energy, which develops and operates several renewable energy projects in the occupied Syrian Golan.
Phoenix, together with a consortium of Bank Hapoalim and Harel Insurance, financed the construction of Enlight’s Emek Habacha Wind Project in the occupied Syrian Golan with NIS 525, million 80% of the cost of the entire project.
The projects are two of the largest Israeli wind energy projects in the Golan, contingent on the exploitation of occupied land and natural resources for the benefit of Israeli households and industry on both sides of the Green Line.
For more on the Israeli wind energy industry in the occupied Golan, see Who Profits reports Greenwashing Dispossession: The Israeli Renewable Energy Industry and the Exploitation of Occupied Natural Resources and Greenwashing the Golan: The Israeli Wind Energy Industry in the Occupied Syrian Golan.
Renewable Energy in the Naqab
Phoenix provided financing to the Neot Hovav solar field in the Naqab, established by Energix Renewable Energies. The project is contingent on the dispossession of local Palestinian Bedouin communities in the region and the demolition of over 1,000 Bedouin homes while exposing thousands of residents of the area to health risks.
Phoenix financed additional renewable energy projects in the Naqab region in which it holds shares. For more on developmental projects in the Naqab, see Who Profits Dynamic Map Tools of Dispossession in the Naqab: Development & Military Projects.
Phoenix holds 10.53% of the shares of Israeli construction company Ashtrom Group, which operates a quarry in the occupied West Bank and a cement plant in occupied East Jerusalem, and is involved in a renewable energy project in the occupied Syrian Golan.
Phoenix holds 1.3% of the shares in Israeli renewable energy company, Meshek Energy-Renewable Energies, which owns the Meitarim Solar Field located in the Meitarim settlement Industrial Zone in South Hebron Hills in the occupied West Bank.
Jerusalem Light Rail
Phoenix holds 8.18% in Shapir Engineering and Industry, the co-operator and developer of the Jerusalem Light Rail (JLR), a large-scale Israeli transport infrastructure project connecting large settlement blocks in occupied East Jerusalem to the center of the city and its western side, creating territorial continuity and easing settler movement on both sides of the Green Line. For more on the Jerusalem Light Rail, see Who Profits Update: Developments in the expansion of the JLR network: The J-Net project.
In addition, Shapir operates a quarry and a concrete plant near the settlement of Nili in the occupied West Bank.
Settlement Infrastructure
I.B.C. Unlimited
Phoenix holds 34.3% shares of I.B.C. (Unlimited) Holdings, which provides planning and construction of fiber optic network for settlements in the occupied West Bank.
IBC Unlimited holds a license to deploy fiber across the occupied West Bank to provide high-speed internet to settlements in the West Bank. The company provides fiber optic internet infrastructure in the settlements of Givat Ze’ev, Ma’ale Adumim, Ariel, Beit Aryeh, Oranit, Revava, Barkan, Elkana, Alfei Menashe, Nofim, Kfar Adumim, Geva Binyamin, Har Adar, Ma’ale Michmash, Psagot, Kochav Ya’akov, Geva Binyamin, Kochav Hashahar, rimomim, Talmon, Dolav, Na’ale, Kdumim, Emmanuel, Sala’it and Kochav Yair in the occupied West Bank.
Phoenix holds 6.87% of the shares of Lesico Group, a publicly traded Israeli company that carried out works for the expansion of the Kidron water treatment plant located in the occupied West Bank and provides services to settlements in the occupied West Bank
Phoenix holds 6.23% of the shares of Cellcom Israel which provides telecommunication services and cellular infrastructure to settlements in the occupied West Bank, East Jerusalem and the Syrian Golan, and provides cellular and internet services to the Israeli Ministry of Defense, the Israeli military and the Israeli Civil Administration in the occupied West Bank. The company has provided cellular infrastructure to the Israeli military inside occupied Gaza.
Phoenix holds 6.1% of the shares of Partner Communications which provides telecommunication, cellular, and internet services and infrastructure to Israeli settlements, the Israeli military and the Israeli District Coordination of Gaza and the Israeli Civil Administration in the settlement of Beit El in the occupied West Bank.
Construction on Occupied Land
Phoenix holds 12.74% of the shares of Shikun & Binui Group which has significant involvement in the construction and expansion of settlements and infrastructure in the occupied West Bank and East Jerusalem. The company was also involved in the construction of the barrier surrounding the besieged Gaza.
Phoenix holds 6.62% of the shares of Oron Group, which is involved in construction on occupied land and the exploitation of occupied natural resources in the occupied West Bank. The company owns and operates the Meitarim Quarry located near the settlement of Tene Omarim in the southern Hebron Hills in the occupied West Bank.
Phoenix holds 6.97% of the shares of Electra, which is involved in construction in the occupied West Bank and East Jerusalem and provides service to the Israeli military and the Israel Police.
Other Services to Settlements
Phoenix owns 80% of the Ramot shopping mall, located in the settlement neighborhood of Ramot in occupied East Jerusalem.
Phoenix shares 11.28% of the shares in Israeli fashion retail company, Castro Model, the Castro Group operates four stores in Ariel and Ma’ale Adumim settlements in the occupied West Bank.
Phoenix holds 7.36% of the shares in Israeli clothes manufacturer, Delta Galil Industries, which operates branches in the settlement neighborhoods of Pisgat Zeev and Ramot in occupied East Jerusalem and in the settlement of Maale Adumim in the occupied West Bank.
Phoenix holds 6.63% of the shares of Shufersal which operates supermarket and drugstore branches under the brand names “Shufersal”, “Shufersal Deal”, “Yesh Chesed” and “Be” in settlements in the occupied West Bank, East Jerusalem and the Syrian Golan.
Holdings in Israeli Banks
Phoenix holds shares in Israeli banks Discount Bank (7.26%), Leumi Bank (7.12%), and Hapoalim Bank (7.12%), all of which are involved in financing settlement construction on occupied land and in providing financial services to settlements' regional and local councils. For more on the involvement of Israeli banks see their profiles and Who Profits’ report Financing Land Grab: The Direct Involvement of Israeli Banks in the Israeli Settlement Enterprise.
Services to the Israel Police
Phoenix provides group dental insurance for officers and retirees of the Israel Police and their families. In March 2024, the company was contracted, with an exemption from tender, to provide dental insurance to the Israel Police for NIS 42,000,000 for four years.
In September 2023, the company was contracted, with an exemption from tender, to provide dental insurance to the Israel Police for NIS 6,000,000 for one year.
Services to the Israeli Prison Services
In August 2025, Phoenix was contracted to provide dental insurance for guards and retirees of the IPS for NIS 10,196,666 for 3 years.
Phoenix Financial is a publicly traded Israeli company operating in the fields of insurance, asset and investment management, agencies, financial services and credit.
The company finances settlement expansion projects and exploitation of occupied natural resources, and provides services to the Israeli Ministry of Defense and the Israel Police.
As previous research by Who Profits has shown, Phoenix Financial and other major Israeli insurance companies are complicit in financing settlement construction, settlement transportation projects, exploitation of occupied natural resources, and in Israel’s military-industrial complex, both directly and through their holdings in other complicit companies.
For more on the complicity of Israeli insurance companies and pension funds see Who Profits’ report: Insuring Dispossession: The Complicity of Five Israeli Insurance and Pension Companies in the Violation of Palestinian Rights.
Financing Settlement Construction Projects
Construction on Occupied Land
In July 2022, Phoenix granted Israeli construction company Efi Capital’s a loan for a construction project of 166 housing units on 10 plots on 27.459 dunams (27,549 square meters) of land as part of Plan No. 120/6 for the development of a residential neighborhood in the settlement of Emmanuel. As part of the agreement Phoenix holds as collateral the company's rights in the project.
In March 2022, Phoenix granted Israeli construction company Z.F. Building a NIS 7 million loan for a construction project of 106 housing units in the settlement of Efrat. As part of the agreement Phoenix holds as collateral the company's rights in the project.
Holdings in Complicit Companies
Services to the Israeli Military
Phoenix holds 19.95% of the shares in Israeli manufacturer of riot control weapons, ISPRA- Explosives Manufacturing Industries, which provides riot control weapons, mainly tear gas, to the Israeli military, the Israel Police and the Israel Prison Service.
Phoenix holds 13.8% in Smart Shooter, which provides Artificial Intelligence and Machine Learning based technologies weapon systems to the Israeli military used in Gaza and the occupied West Bank. In 2021, Phoenix invested USD 10 million in Smart Shooter. Phoenix first invested in the company in 2019.
Phoenix holds 11.9% in Mayer Cars & Trucks Co., the exclusive importer of Volvo Group in Israel. Mayer Cars provides Volvo equipment, vehicles, spare parts and maintenance services to the Israeli Ministry of Defense (IMOD). Through its subsidiary, Merkavim Transportation Technologies Ltd., jointly held with Volvo Group, Mayer Cars provides armored buses to settlements in the occupied West Bank and to transportation companies operating bus lines in the occupied West Bank and East Jerusalem. The company has also provided buses for the Israel Prison Service.
Phoenix holds 8.16 % shares in Aryt Industries which manufactures, through its subsidiary Reshef Technologies, electronic fuses, which enable the operation control of explosive charges found in artillery shells, tanks, mortars and artillery rockets. The company provides fuses to the Israeli Ministry of Defense.
Phoenix holds 8.12% of the shares in Israeli IT company, One Software Technologies, which is a supplier of a wide range of computing services, computers, and equipment to the Israeli Ministry of Defense, the Coordinator of Government Activities in the Territories (COGAT), the Israeli Civil Administration (ICA) in the West Bank, and the Israeli military District Coordination and Liaison (DCL) Gaza. The company has also provided services to the Israel Prison Service.
Phoenix holds 6.62% of the shares in Israeli IT company, Malam Team, which is an official supplier for the Israeli Ministry of Defense (IMOD) and supplies services to the Israel Police, Israeli military and the Israel Security Agency (Shin Bet).
Phoenix holds 6.6% of the shares of the Israeli IT company, Formula Systems which provides through its subsidiaries services for the Israeli Ministry of Defense and Israeli army, especially in air and missile defense, command & control, intelligence and cyber systems development.
Exploitation of Occupied Natural Resources
Phoenix provides financial infrastructure for renewable energy projects in the occupied Syrian Golan. And holds shares in companies involved in the exploitation of occupied natural resources in both the occupied West Bank and Syrian Golan.
ARAN Wind Project
Phoenix holds 7.15% of the shares of Afcon Holdings, which won the tender for carrying out electrical works and civil infrastructure for the ARAN project. The ARAN project of Energix Renewable Energies is a large wind turbine farm in the occupied Syrian Golan. The project will include 41 wind turbines, 200 meters long each, built on agricultural land owned by Syrian farmers. Additionally, Afcon supplies services to the Israeli military, the Israel Prison Service and the Israel Police.
Emek Habacha
Phoenix holds 4.24% of the shares of Enlight Renewable Energy, which develops and operates several renewable energy projects in the occupied Syrian Golan.
Phoenix, together with a consortium of Bank Hapoalim and Harel Insurance, financed the construction of Enlight’s Emek Habacha Wind Project in the occupied Syrian Golan with NIS 525, million 80% of the cost of the entire project.
The projects are two of the largest Israeli wind energy projects in the Golan, contingent on the exploitation of occupied land and natural resources for the benefit of Israeli households and industry on both sides of the Green Line.
For more on the Israeli wind energy industry in the occupied Golan, see Who Profits reports Greenwashing Dispossession: The Israeli Renewable Energy Industry and the Exploitation of Occupied Natural Resources and Greenwashing the Golan: The Israeli Wind Energy Industry in the Occupied Syrian Golan.
Renewable Energy in the Naqab
Phoenix provided financing to the Neot Hovav solar field in the Naqab, established by Energix Renewable Energies. The project is contingent on the dispossession of local Palestinian Bedouin communities in the region and the demolition of over 1,000 Bedouin homes while exposing thousands of residents of the area to health risks.
Phoenix financed additional renewable energy projects in the Naqab region in which it holds shares. For more on developmental projects in the Naqab, see Who Profits Dynamic Map Tools of Dispossession in the Naqab: Development & Military Projects.
Phoenix holds 10.53% of the shares of Israeli construction company Ashtrom Group, which operates a quarry in the occupied West Bank and a cement plant in occupied East Jerusalem, and is involved in a renewable energy project in the occupied Syrian Golan.
Phoenix holds 1.3% of the shares in Israeli renewable energy company, Meshek Energy-Renewable Energies, which owns the Meitarim Solar Field located in the Meitarim settlement Industrial Zone in South Hebron Hills in the occupied West Bank.
Jerusalem Light Rail
Phoenix holds 8.18% in Shapir Engineering and Industry, the co-operator and developer of the Jerusalem Light Rail (JLR), a large-scale Israeli transport infrastructure project connecting large settlement blocks in occupied East Jerusalem to the center of the city and its western side, creating territorial continuity and easing settler movement on both sides of the Green Line. For more on the Jerusalem Light Rail, see Who Profits Update: Developments in the expansion of the JLR network: The J-Net project.
In addition, Shapir operates a quarry and a concrete plant near the settlement of Nili in the occupied West Bank.
Settlement Infrastructure
I.B.C. Unlimited
Phoenix holds 34.3% shares of I.B.C. (Unlimited) Holdings, which provides planning and construction of fiber optic network for settlements in the occupied West Bank.
IBC Unlimited holds a license to deploy fiber across the occupied West Bank to provide high-speed internet to settlements in the West Bank. The company provides fiber optic internet infrastructure in the settlements of Givat Ze’ev, Ma’ale Adumim, Ariel, Beit Aryeh, Oranit, Revava, Barkan, Elkana, Alfei Menashe, Nofim, Kfar Adumim, Geva Binyamin, Har Adar, Ma’ale Michmash, Psagot, Kochav Ya’akov, Geva Binyamin, Kochav Hashahar, rimomim, Talmon, Dolav, Na’ale, Kdumim, Emmanuel, Sala’it and Kochav Yair in the occupied West Bank.
Phoenix holds 6.87% of the shares of Lesico Group, a publicly traded Israeli company that carried out works for the expansion of the Kidron water treatment plant located in the occupied West Bank and provides services to settlements in the occupied West Bank
Phoenix holds 6.23% of the shares of Cellcom Israel which provides telecommunication services and cellular infrastructure to settlements in the occupied West Bank, East Jerusalem and the Syrian Golan, and provides cellular and internet services to the Israeli Ministry of Defense, the Israeli military and the Israeli Civil Administration in the occupied West Bank. The company has provided cellular infrastructure to the Israeli military inside occupied Gaza.
Phoenix holds 6.1% of the shares of Partner Communications which provides telecommunication, cellular, and internet services and infrastructure to Israeli settlements, the Israeli military and the Israeli District Coordination of Gaza and the Israeli Civil Administration in the settlement of Beit El in the occupied West Bank.
Construction on Occupied Land
Phoenix holds 12.74% of the shares of Shikun & Binui Group which has significant involvement in the construction and expansion of settlements and infrastructure in the occupied West Bank and East Jerusalem. The company was also involved in the construction of the barrier surrounding the besieged Gaza.
Phoenix holds 6.62% of the shares of Oron Group, which is involved in construction on occupied land and the exploitation of occupied natural resources in the occupied West Bank. The company owns and operates the Meitarim Quarry located near the settlement of Tene Omarim in the southern Hebron Hills in the occupied West Bank.
Phoenix holds 6.97% of the shares of Electra, which is involved in construction in the occupied West Bank and East Jerusalem and provides service to the Israeli military and the Israel Police.
Other Services to Settlements
Phoenix owns 80% of the Ramot shopping mall, located in the settlement neighborhood of Ramot in occupied East Jerusalem.
Phoenix shares 11.28% of the shares in Israeli fashion retail company, Castro Model, the Castro Group operates four stores in Ariel and Ma’ale Adumim settlements in the occupied West Bank.
Phoenix holds 7.36% of the shares in Israeli clothes manufacturer, Delta Galil Industries, which operates branches in the settlement neighborhoods of Pisgat Zeev and Ramot in occupied East Jerusalem and in the settlement of Maale Adumim in the occupied West Bank.
Phoenix holds 6.63% of the shares of Shufersal which operates supermarket and drugstore branches under the brand names “Shufersal”, “Shufersal Deal”, “Yesh Chesed” and “Be” in settlements in the occupied West Bank, East Jerusalem and the Syrian Golan.
Holdings in Israeli Banks
Phoenix holds shares in Israeli banks Discount Bank (7.26%), Leumi Bank (7.12%), and Hapoalim Bank (7.12%), all of which are involved in financing settlement construction on occupied land and in providing financial services to settlements' regional and local councils. For more on the involvement of Israeli banks see their profiles and Who Profits’ report Financing Land Grab: The Direct Involvement of Israeli Banks in the Israeli Settlement Enterprise.
Services to the Israel Police
Phoenix provides group dental insurance for officers and retirees of the Israel Police and their families. In March 2024, the company was contracted, with an exemption from tender, to provide dental insurance to the Israel Police for NIS 42,000,000 for four years.
In September 2023, the company was contracted, with an exemption from tender, to provide dental insurance to the Israel Police for NIS 6,000,000 for one year.
Services to the Israeli Prison Services
In August 2025, Phoenix was contracted to provide dental insurance for guards and retirees of the IPS for NIS 10,196,666 for 3 years.
Phoenix Financial
הפניקס פיננסים בע"מ
Head office: HaShalom Rd 53, Giv'atayim 5345433, Israel. Tel.: +972-3-7332997
Phoenix Financial is a publicly traded Israeli company operating in the fields of insurance, asset and investment management, agencies, financial services and credit.
The company finances settlement expansion projects and exploitation of occupied natural resources, and provides services to the Israeli Ministry of Defense and the Israel Police.
As previous research by Who Profits has shown, Phoenix Financial and other major Israeli insurance companies are complicit in financing settlement construction, settlement transportation projects, exploitation of occupied natural resources, and in Israel’s military-industrial complex, both directly and through their holdings in other complicit companies.
For more on the complicity of Israeli insurance companies and pension funds see Who Profits’ report: Insuring Dispossession: The Complicity of Five Israeli Insurance and Pension Companies in the Violation of Palestinian Rights.
Financing Settlement Construction Projects
Construction on Occupied Land
In July 2022, Phoenix granted Israeli construction company Efi Capital’s a loan for a construction project of 166 housing units on 10 plots on 27.459 dunams (27,549 square meters) of land as part of Plan No. 120/6 for the development of a residential neighborhood in the settlement of Emmanuel. As part of the agreement Phoenix holds as collateral the company's rights in the project.
In March 2022, Phoenix granted Israeli construction company Z.F. Building a NIS 7 million loan for a construction project of 106 housing units in the settlement of Efrat. As part of the agreement Phoenix holds as collateral the company's rights in the project.
Holdings in Complicit Companies
Services to the Israeli Military
Phoenix holds 19.95% of the shares in Israeli manufacturer of riot control weapons, ISPRA- Explosives Manufacturing Industries, which provides riot control weapons, mainly tear gas, to the Israeli military, the Israel Police and the Israel Prison Service.
Phoenix holds 13.8% in Smart Shooter, which provides Artificial Intelligence and Machine Learning based technologies weapon systems to the Israeli military used in Gaza and the occupied West Bank. In 2021, Phoenix invested USD 10 million in Smart Shooter. Phoenix first invested in the company in 2019.
Phoenix holds 11.9% in Mayer Cars & Trucks Co., the exclusive importer of Volvo Group in Israel. Mayer Cars provides Volvo equipment, vehicles, spare parts and maintenance services to the Israeli Ministry of Defense (IMOD). Through its subsidiary, Merkavim Transportation Technologies Ltd., jointly held with Volvo Group, Mayer Cars provides armored buses to settlements in the occupied West Bank and to transportation companies operating bus lines in the occupied West Bank and East Jerusalem. The company has also provided buses for the Israel Prison Service.
Phoenix holds 8.16 % shares in Aryt Industries which manufactures, through its subsidiary Reshef Technologies, electronic fuses, which enable the operation control of explosive charges found in artillery shells, tanks, mortars and artillery rockets. The company provides fuses to the Israeli Ministry of Defense.
Phoenix holds 8.12% of the shares in Israeli IT company, One Software Technologies, which is a supplier of a wide range of computing services, computers, and equipment to the Israeli Ministry of Defense, the Coordinator of Government Activities in the Territories (COGAT), the Israeli Civil Administration (ICA) in the West Bank, and the Israeli military District Coordination and Liaison (DCL) Gaza. The company has also provided services to the Israel Prison Service.
Phoenix holds 6.62% of the shares in Israeli IT company, Malam Team, which is an official supplier for the Israeli Ministry of Defense (IMOD) and supplies services to the Israel Police, Israeli military and the Israel Security Agency (Shin Bet).
Phoenix holds 6.6% of the shares of the Israeli IT company, Formula Systems which provides through its subsidiaries services for the Israeli Ministry of Defense and Israeli army, especially in air and missile defense, command & control, intelligence and cyber systems development.
Exploitation of Occupied Natural Resources
Phoenix provides financial infrastructure for renewable energy projects in the occupied Syrian Golan. And holds shares in companies involved in the exploitation of occupied natural resources in both the occupied West Bank and Syrian Golan.
ARAN Wind Project
Phoenix holds 7.15% of the shares of Afcon Holdings, which won the tender for carrying out electrical works and civil infrastructure for the ARAN project. The ARAN project of Energix Renewable Energies is a large wind turbine farm in the occupied Syrian Golan. The project will include 41 wind turbines, 200 meters long each, built on agricultural land owned by Syrian farmers. Additionally, Afcon supplies services to the Israeli military, the Israel Prison Service and the Israel Police.
Emek Habacha
Phoenix holds 4.24% of the shares of Enlight Renewable Energy, which develops and operates several renewable energy projects in the occupied Syrian Golan.
Phoenix, together with a consortium of Bank Hapoalim and Harel Insurance, financed the construction of Enlight’s Emek Habacha Wind Project in the occupied Syrian Golan with NIS 525, million 80% of the cost of the entire project.
The projects are two of the largest Israeli wind energy projects in the Golan, contingent on the exploitation of occupied land and natural resources for the benefit of Israeli households and industry on both sides of the Green Line.
For more on the Israeli wind energy industry in the occupied Golan, see Who Profits reports Greenwashing Dispossession: The Israeli Renewable Energy Industry and the Exploitation of Occupied Natural Resources and Greenwashing the Golan: The Israeli Wind Energy Industry in the Occupied Syrian Golan.
Renewable Energy in the Naqab
Phoenix provided financing to the Neot Hovav solar field in the Naqab, established by Energix Renewable Energies. The project is contingent on the dispossession of local Palestinian Bedouin communities in the region and the demolition of over 1,000 Bedouin homes while exposing thousands of residents of the area to health risks.
Phoenix financed additional renewable energy projects in the Naqab region in which it holds shares. For more on developmental projects in the Naqab, see Who Profits Dynamic Map Tools of Dispossession in the Naqab: Development & Military Projects.
Phoenix holds 10.53% of the shares of Israeli construction company Ashtrom Group, which operates a quarry in the occupied West Bank and a cement plant in occupied East Jerusalem, and is involved in a renewable energy project in the occupied Syrian Golan.
Phoenix holds 1.3% of the shares in Israeli renewable energy company, Meshek Energy-Renewable Energies, which owns the Meitarim Solar Field located in the Meitarim settlement Industrial Zone in South Hebron Hills in the occupied West Bank.
Jerusalem Light Rail
Phoenix holds 8.18% in Shapir Engineering and Industry, the co-operator and developer of the Jerusalem Light Rail (JLR), a large-scale Israeli transport infrastructure project connecting large settlement blocks in occupied East Jerusalem to the center of the city and its western side, creating territorial continuity and easing settler movement on both sides of the Green Line. For more on the Jerusalem Light Rail, see Who Profits Update: Developments in the expansion of the JLR network: The J-Net project.
In addition, Shapir operates a quarry and a concrete plant near the settlement of Nili in the occupied West Bank.
Settlement Infrastructure
I.B.C. Unlimited
Phoenix holds 34.3% shares of I.B.C. (Unlimited) Holdings, which provides planning and construction of fiber optic network for settlements in the occupied West Bank.
IBC Unlimited holds a license to deploy fiber across the occupied West Bank to provide high-speed internet to settlements in the West Bank. The company provides fiber optic internet infrastructure in the settlements of Givat Ze’ev, Ma’ale Adumim, Ariel, Beit Aryeh, Oranit, Revava, Barkan, Elkana, Alfei Menashe, Nofim, Kfar Adumim, Geva Binyamin, Har Adar, Ma’ale Michmash, Psagot, Kochav Ya’akov, Geva Binyamin, Kochav Hashahar, rimomim, Talmon, Dolav, Na’ale, Kdumim, Emmanuel, Sala’it and Kochav Yair in the occupied West Bank.
Phoenix holds 6.87% of the shares of Lesico Group, a publicly traded Israeli company that carried out works for the expansion of the Kidron water treatment plant located in the occupied West Bank and provides services to settlements in the occupied West Bank
Phoenix holds 6.23% of the shares of Cellcom Israel which provides telecommunication services and cellular infrastructure to settlements in the occupied West Bank, East Jerusalem and the Syrian Golan, and provides cellular and internet services to the Israeli Ministry of Defense, the Israeli military and the Israeli Civil Administration in the occupied West Bank. The company has provided cellular infrastructure to the Israeli military inside occupied Gaza.
Phoenix holds 6.1% of the shares of Partner Communications which provides telecommunication, cellular, and internet services and infrastructure to Israeli settlements, the Israeli military and the Israeli District Coordination of Gaza and the Israeli Civil Administration in the settlement of Beit El in the occupied West Bank.
Construction on Occupied Land
Phoenix holds 12.74% of the shares of Shikun & Binui Group which has significant involvement in the construction and expansion of settlements and infrastructure in the occupied West Bank and East Jerusalem. The company was also involved in the construction of the barrier surrounding the besieged Gaza.
Phoenix holds 6.62% of the shares of Oron Group, which is involved in construction on occupied land and the exploitation of occupied natural resources in the occupied West Bank. The company owns and operates the Meitarim Quarry located near the settlement of Tene Omarim in the southern Hebron Hills in the occupied West Bank.
Phoenix holds 6.97% of the shares of Electra, which is involved in construction in the occupied West Bank and East Jerusalem and provides service to the Israeli military and the Israel Police.
Other Services to Settlements
Phoenix owns 80% of the Ramot shopping mall, located in the settlement neighborhood of Ramot in occupied East Jerusalem.
Phoenix shares 11.28% of the shares in Israeli fashion retail company, Castro Model, the Castro Group operates four stores in Ariel and Ma’ale Adumim settlements in the occupied West Bank.
Phoenix holds 7.36% of the shares in Israeli clothes manufacturer, Delta Galil Industries, which operates branches in the settlement neighborhoods of Pisgat Zeev and Ramot in occupied East Jerusalem and in the settlement of Maale Adumim in the occupied West Bank.
Phoenix holds 6.63% of the shares of Shufersal which operates supermarket and drugstore branches under the brand names “Shufersal”, “Shufersal Deal”, “Yesh Chesed” and “Be” in settlements in the occupied West Bank, East Jerusalem and the Syrian Golan.
Holdings in Israeli Banks
Phoenix holds shares in Israeli banks Discount Bank (7.26%), Leumi Bank (7.12%), and Hapoalim Bank (7.12%), all of which are involved in financing settlement construction on occupied land and in providing financial services to settlements' regional and local councils. For more on the involvement of Israeli banks see their profiles and Who Profits’ report Financing Land Grab: The Direct Involvement of Israeli Banks in the Israeli Settlement Enterprise.
Services to the Israel Police
Phoenix provides group dental insurance for officers and retirees of the Israel Police and their families. In March 2024, the company was contracted, with an exemption from tender, to provide dental insurance to the Israel Police for NIS 42,000,000 for four years.
In September 2023, the company was contracted, with an exemption from tender, to provide dental insurance to the Israel Police for NIS 6,000,000 for one year.
Services to the Israeli Prison Services
In August 2025, Phoenix was contracted to provide dental insurance for guards and retirees of the IPS for NIS 10,196,666 for 3 years.
Ownership
Public: The company is publicly traded on the Tel Aviv Stock Exchange under the ticker symbol: PHOE
Major shareholders include AP Investments III Ltd. (9.83%), Harel Insurance Investments & Financial Services Ltd. (7.17%), Clal Insurance Enterprises Holdings Ltd. (6.32%), Menora Mivtachim Holdings Ltd. (5.05%).
CEO: Eyal Ben Simon
Chair of the Board of Directors: Benjamin Gabbay
Subsidiaries
The Phoenix Insurance Company Ltd. (100%), The Phoenix Capital Raising (2009) Ltd. (100%), The Phoenix Investment and Finances Ltd. (100%), The Phoenix IEC Central Pension Fund Ltd. (100%), Phoenix Capital Partners Ltd. (100%), The Phoenix Advanced Investments Ltd. (100%), The Phoenix Gama Ltd. (100%), The Phoenix Consumer Credit Ltd. (100%), the Phoenix construction Finance Ltd. (100%), The Phoenix Services 2025 Ltd. (100%), The Phoenix Insurance Agency 1989 Ltd. (90%), Shekel Insurance Agency (2008) Ltd. (90%), Agam Liderim (Israel) Insurance Agency (2003) Ltd. (90%), The Phoenix Investments House Ltd. (88%), KSM Mutual Funds Ltd. (88%), Excellence Investments Management and Securities Ltd. (88%), ESOP Management& Trust Services Ltd. (88%), The Phoenix W Ltd (88%), Phoenix Capital Ltd. (70%), One Part Ltd. (50%).
Partners
Blackstone, EDF Power Solutions Israel, More Investment House.
* This section refers to the company's general business partners