Menora Mivtachim Holdings
Full Text
מנורה מבטחים החזקות בע"מ
Head office: Zeev Jabotinsky St. 23, Ramat Gan 5251102, Israel. Tel.: +972-3-7107801
A publicly traded Israeli holding company and one of the five largest insurance and financial groups in Israel. The company is engaged in the insurance and credit sector, construction support and credit and financing activities for businesses, and credit and investment in real estate.
Menora Mivtachim provides financing for settlement construction and military projects. In addition, the company engages in the exploitation of occupied natural resources.
As previous research by Who Profits has shown, Menora Mivtachim and other major Israeli insurance companies are complicit in financing settlement construction and settlement infrastructure 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
Menora Mivtachim provides financial infrastructure to Israeli construction companies for the purpose of construction of real estate projects in settlements in the occupied Syrian Golan and the occupied West Bank and holds the rights to the land and the project as collateral.
In 2023, Menora Mivtachim granted the Israeli construction company Y.D. Barazani several loans for acquisition of lease rights for a development project of construction of housing units in the settlement of Katzrin in the occupied Syrian Golan according to Plan No. תמל/1032 and tender no. 477/2021/ צפ for the construction of 1,642 housing units, tourist complexes, roads and infrastructure on the outskirts of the settlement. As part of the agreement, Menora Mivtachim holds as collateral all the company’s rights in in connection with the development contract signed with the Israel Land Authority in relation to the land.
In September 2022, Menora Mivtachim granted the Israeli company Traklin Yizum Ubniya a loan for a development project for the construction of 152 housing units on 19 plots of land in the settlement of Emmauel in the occupied West Bank according to Plans No. 120/6 and No. 120/9. The project was also financed by the Bank of Jerusalem. Plan No. 120/6 includes construction of a residential neighborhood with 1159 housing units, public buildings and institutions, commercials areas, open public spaces, roads and pedestrian areas on 406.9 dunams (4069 square meters) of land, while Plan No. 120/9 includes additional construction on existing roofs of residential buildings on the lands of the Palestinian town Deir Istiya. As part of the agreement Gamla Harel holds as collateral the company's rights in the project.
In June 2019, Menora Mevtahim granted A. Barkan a loan in its development project for the construction of 80 housing units in the settlement of Ariel in the occupied West Bank as part of tender 8/2018/יש . The project was also financed by the Bank of Jerusalem. As part of the agreement, Menora Mivtachim holds as collateral the company’s rights in the project, its rights in the bank, and its rights from the Custodian of Abandoned Property in the West Bank, and any grants and funds given to the company from contractors.
In May 2019 and 2021, Menora Mivtahim granted Shlomo Cohen company a loan for a construction project of 84 housing units in the settlement of Ma’ale Adumim in the occupied West Bank as part of tender 162/2018/יש. The project is part of Plan No. 420/1/24 for the construction of 459 housing units and public buildings on the lands of the Palestinian towns al-Eizariya and Abu Dis. As part of the agreement Menora Mivtachim holds as collateral the company’s rights in the project, its rights in the bank, its rights from the Custodian of Abandoned Property in the West Bank, and any grants and funds given to the company from contractors.
In 2018, Menora Mivtachim granted Dalia Eliaspor a loan for a project in the settlement neighborhood of Ramat Shlomo in occupied East Jerusalem.
Exploitation of Occupied Natural Resources
Menora Mivtachim holds 74% in Menora Mivtachim C.S – Naama Solar Project Ltd., a renewable energy project spanning across 3,500 dunams of land in the Jordan Valley. The solar field is jointly owned by Menora with the settlement of Naama. The project was initiated by the Jordan Valley settlements Regional Council to generate income and economic development to settlements in the region.
Menora Mivtachim holds 5.86% of the shares of Enlight Renewable Energy, which develops and operates several renewable energy projects in the occupied Syrian Golan.
For more on the exploitation of occupied natural resources, see Who Profits' report: Greenwashing Dispossession: The Israeli Renewable Energy Industry and the Exploitation of Occupied Natural Resources.
Financing Military Projects
Menora Mivtachim participated in the financing of military projects for the Israeli Ministry of Defense (IMOD).
Kiryat HaTikshuv
Menora Mivtachim participated in the financing of the Israeli military's ICT campus “Kiryat HaTikshuv” in the Naqab. The military's ICT Campus was established as part of the IMOD's relocation plan to transfer army bases to the Naqab region, including the ICT Corps’ Technology Unit, the Air Force’s Technology Unit and the Southern Command headquarters.
Kiryat Hamodi’in
In 2022, Menora Mivtachim participated in the financing of establishment of the Israeli military Intelligence Campus “Kiryat Hamodi’in” in the Naqab.
Menora Mivtachim invested over NIS 600 million in the project led by Shikun & Binui Group. The Campus hosts the military’s Intelligence operations and houses soldiers and officers of the Intelligence, Cyber and Technology units, as well as the headquarters units of the Intelligence Division.
City of Training Bases
In addition, Menora participated in the financing of the military's City of Training Bases, "Bahad City", and the military's Logistic Centers Project, for the establishment of three new military regional logistics centers that will provide all the military’s logistical needs using advanced technology. The military City of Training Bases (Bahad City), also known as Ariel Sharon Camp, also in the Naqab, stretches over 2,500 dunams and includes 134 buildings hosting around 10,000 Israeli permanent soldiers.
For more on military projects in the Naqab, see Who Profits interactive map Tools of Dispossession in the Naqab: Development & Military Projects.
Services for Military Veterans
Menora provides group long-term care insurance services to the Israeli Veterans Association.
In 2018, Menora signed an agreement with the association to provide insurance to around 40,000 members and their family members for a period of 8 years. In 2022, the agreement was extended until 2030 with an option to increase insurance payments.
Holdings in Complicit Companies
Through its holdings in other private and public companies, Menora Mivtachim is complicit in providing services to the Israeli Ministry of Defense and the Israeli military, and the construction and expansion of settlement infrastructure.
Menora Mivtachim holds 11.37% of the shares of G1 Secure Solutions which provides security services to settlements as well as services to the Israel Prison Service and the Isreal Police.
Menora Mivtachim holds 8.41% of the shares of Paz Energy which provides fueling services to the Israeli Ministry of Defense, the Israeli Civil Administration, Israeli Police and Israeli Prison Services. In addition, the company operates gas stations and convenience stores in the occupied West Bank, East Jerusalem and Syrian Golan.
Menora Mivtachim holds 7.2% 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 and the provision of services to the Israeli Ministry of Defense. The company was also involved in the construction of the barrier surrounding the besieged Gaza.
Menora Mivtachim holds 7.11% of the shares of the Israeli IT company, Formula Systems which provides services for the Israeli Ministry of Defense and the Israeli military, especially in air and missile defense, command & control, intelligence and cyber systems development.
Menora Mivtachim holds 6.53% 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.
Menora Mivtachim holds 6.27% 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.
Menora Mivtachim holds 5.91% of the shares of Afcon Holdings which provides services to the Israeli military, Israel Prison Service and Israel Police.
Menora Mivtachim holds 6.13% of the shares of the Israeli telecommunications company, Partner Communications, which provides telecommunication services and cellular infrastructure to settlements in the occupied West Bank, East Jerusalem and the Syrian Golan.
Menora Mivtachim holds 5.52% of the shares of the Israeli telecommunications company, 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.
A publicly traded Israeli holding company and one of the five largest insurance and financial groups in Israel. The company is engaged in the insurance and credit sector, construction support and credit and financing activities for businesses, and credit and investment in real estate.
Menora Mivtachim provides financing for settlement construction and military projects. In addition, the company engages in the exploitation of occupied natural resources.
As previous research by Who Profits has shown, Menora Mivtachim and other major Israeli insurance companies are complicit in financing settlement construction and settlement infrastructure 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
Menora Mivtachim provides financial infrastructure to Israeli construction companies for the purpose of construction of real estate projects in settlements in the occupied Syrian Golan and the occupied West Bank and holds the rights to the land and the project as collateral.
In 2023, Menora Mivtachim granted the Israeli construction company Y.D. Barazani several loans for acquisition of lease rights for a development project of construction of housing units in the settlement of Katzrin in the occupied Syrian Golan according to Plan No. תמל/1032 and tender no. 477/2021/ צפ for the construction of 1,642 housing units, tourist complexes, roads and infrastructure on the outskirts of the settlement. As part of the agreement, Menora Mivtachim holds as collateral all the company’s rights in in connection with the development contract signed with the Israel Land Authority in relation to the land.
In September 2022, Menora Mivtachim granted the Israeli company Traklin Yizum Ubniya a loan for a development project for the construction of 152 housing units on 19 plots of land in the settlement of Emmauel in the occupied West Bank according to Plans No. 120/6 and No. 120/9. The project was also financed by the Bank of Jerusalem. Plan No. 120/6 includes construction of a residential neighborhood with 1159 housing units, public buildings and institutions, commercials areas, open public spaces, roads and pedestrian areas on 406.9 dunams (4069 square meters) of land, while Plan No. 120/9 includes additional construction on existing roofs of residential buildings on the lands of the Palestinian town Deir Istiya. As part of the agreement Gamla Harel holds as collateral the company's rights in the project.
In June 2019, Menora Mevtahim granted A. Barkan a loan in its development project for the construction of 80 housing units in the settlement of Ariel in the occupied West Bank as part of tender 8/2018/יש . The project was also financed by the Bank of Jerusalem. As part of the agreement, Menora Mivtachim holds as collateral the company’s rights in the project, its rights in the bank, and its rights from the Custodian of Abandoned Property in the West Bank, and any grants and funds given to the company from contractors.
In May 2019 and 2021, Menora Mivtahim granted Shlomo Cohen company a loan for a construction project of 84 housing units in the settlement of Ma’ale Adumim in the occupied West Bank as part of tender 162/2018/יש. The project is part of Plan No. 420/1/24 for the construction of 459 housing units and public buildings on the lands of the Palestinian towns al-Eizariya and Abu Dis. As part of the agreement Menora Mivtachim holds as collateral the company’s rights in the project, its rights in the bank, its rights from the Custodian of Abandoned Property in the West Bank, and any grants and funds given to the company from contractors.
In 2018, Menora Mivtachim granted Dalia Eliaspor a loan for a project in the settlement neighborhood of Ramat Shlomo in occupied East Jerusalem.
Exploitation of Occupied Natural Resources
Menora Mivtachim holds 74% in Menora Mivtachim C.S – Naama Solar Project Ltd., a renewable energy project spanning across 3,500 dunams of land in the Jordan Valley. The solar field is jointly owned by Menora with the settlement of Naama. The project was initiated by the Jordan Valley settlements Regional Council to generate income and economic development to settlements in the region.
Menora Mivtachim holds 5.86% of the shares of Enlight Renewable Energy, which develops and operates several renewable energy projects in the occupied Syrian Golan.
For more on the exploitation of occupied natural resources, see Who Profits' report: Greenwashing Dispossession: The Israeli Renewable Energy Industry and the Exploitation of Occupied Natural Resources.
Financing Military Projects
Menora Mivtachim participated in the financing of military projects for the Israeli Ministry of Defense (IMOD).
Kiryat HaTikshuv
Menora Mivtachim participated in the financing of the Israeli military's ICT campus “Kiryat HaTikshuv” in the Naqab. The military's ICT Campus was established as part of the IMOD's relocation plan to transfer army bases to the Naqab region, including the ICT Corps’ Technology Unit, the Air Force’s Technology Unit and the Southern Command headquarters.
Kiryat Hamodi’in
In 2022, Menora Mivtachim participated in the financing of establishment of the Israeli military Intelligence Campus “Kiryat Hamodi’in” in the Naqab.
Menora Mivtachim invested over NIS 600 million in the project led by Shikun & Binui Group. The Campus hosts the military’s Intelligence operations and houses soldiers and officers of the Intelligence, Cyber and Technology units, as well as the headquarters units of the Intelligence Division.
City of Training Bases
In addition, Menora participated in the financing of the military's City of Training Bases, "Bahad City", and the military's Logistic Centers Project, for the establishment of three new military regional logistics centers that will provide all the military’s logistical needs using advanced technology. The military City of Training Bases (Bahad City), also known as Ariel Sharon Camp, also in the Naqab, stretches over 2,500 dunams and includes 134 buildings hosting around 10,000 Israeli permanent soldiers.
For more on military projects in the Naqab, see Who Profits interactive map Tools of Dispossession in the Naqab: Development & Military Projects.
Services for Military Veterans
Menora provides group long-term care insurance services to the Israeli Veterans Association.
In 2018, Menora signed an agreement with the association to provide insurance to around 40,000 members and their family members for a period of 8 years. In 2022, the agreement was extended until 2030 with an option to increase insurance payments.
Holdings in Complicit Companies
Through its holdings in other private and public companies, Menora Mivtachim is complicit in providing services to the Israeli Ministry of Defense and the Israeli military, and the construction and expansion of settlement infrastructure.
Menora Mivtachim holds 11.37% of the shares of G1 Secure Solutions which provides security services to settlements as well as services to the Israel Prison Service and the Isreal Police.
Menora Mivtachim holds 8.41% of the shares of Paz Energy which provides fueling services to the Israeli Ministry of Defense, the Israeli Civil Administration, Israeli Police and Israeli Prison Services. In addition, the company operates gas stations and convenience stores in the occupied West Bank, East Jerusalem and Syrian Golan.
Menora Mivtachim holds 7.2% 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 and the provision of services to the Israeli Ministry of Defense. The company was also involved in the construction of the barrier surrounding the besieged Gaza.
Menora Mivtachim holds 7.11% of the shares of the Israeli IT company, Formula Systems which provides services for the Israeli Ministry of Defense and the Israeli military, especially in air and missile defense, command & control, intelligence and cyber systems development.
Menora Mivtachim holds 6.53% 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.
Menora Mivtachim holds 6.27% 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.
Menora Mivtachim holds 5.91% of the shares of Afcon Holdings which provides services to the Israeli military, Israel Prison Service and Israel Police.
Menora Mivtachim holds 6.13% of the shares of the Israeli telecommunications company, Partner Communications, which provides telecommunication services and cellular infrastructure to settlements in the occupied West Bank, East Jerusalem and the Syrian Golan.
Menora Mivtachim holds 5.52% of the shares of the Israeli telecommunications company, 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.
A publicly traded Israeli holding company and one of the five largest insurance and financial groups in Israel. The company is engaged in the insurance and credit sector, construction support and credit and financing activities for businesses, and credit and investment in real estate.
Menora Mivtachim provides financing for settlement construction and military projects. In addition, the company engages in the exploitation of occupied natural resources.
As previous research by Who Profits has shown, Menora Mivtachim and other major Israeli insurance companies are complicit in financing settlement construction and settlement infrastructure 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
Menora Mivtachim provides financial infrastructure to Israeli construction companies for the purpose of construction of real estate projects in settlements in the occupied Syrian Golan and the occupied West Bank and holds the rights to the land and the project as collateral.
In 2023, Menora Mivtachim granted the Israeli construction company Y.D. Barazani several loans for acquisition of lease rights for a development project of construction of housing units in the settlement of Katzrin in the occupied Syrian Golan according to Plan No. תמל/1032 and tender no. 477/2021/ צפ for the construction of 1,642 housing units, tourist complexes, roads and infrastructure on the outskirts of the settlement. As part of the agreement, Menora Mivtachim holds as collateral all the company’s rights in in connection with the development contract signed with the Israel Land Authority in relation to the land.
In September 2022, Menora Mivtachim granted the Israeli company Traklin Yizum Ubniya a loan for a development project for the construction of 152 housing units on 19 plots of land in the settlement of Emmauel in the occupied West Bank according to Plans No. 120/6 and No. 120/9. The project was also financed by the Bank of Jerusalem. Plan No. 120/6 includes construction of a residential neighborhood with 1159 housing units, public buildings and institutions, commercials areas, open public spaces, roads and pedestrian areas on 406.9 dunams (4069 square meters) of land, while Plan No. 120/9 includes additional construction on existing roofs of residential buildings on the lands of the Palestinian town Deir Istiya. As part of the agreement Gamla Harel holds as collateral the company's rights in the project.
In June 2019, Menora Mevtahim granted A. Barkan a loan in its development project for the construction of 80 housing units in the settlement of Ariel in the occupied West Bank as part of tender 8/2018/יש . The project was also financed by the Bank of Jerusalem. As part of the agreement, Menora Mivtachim holds as collateral the company’s rights in the project, its rights in the bank, and its rights from the Custodian of Abandoned Property in the West Bank, and any grants and funds given to the company from contractors.
In May 2019 and 2021, Menora Mivtahim granted Shlomo Cohen company a loan for a construction project of 84 housing units in the settlement of Ma’ale Adumim in the occupied West Bank as part of tender 162/2018/יש. The project is part of Plan No. 420/1/24 for the construction of 459 housing units and public buildings on the lands of the Palestinian towns al-Eizariya and Abu Dis. As part of the agreement Menora Mivtachim holds as collateral the company’s rights in the project, its rights in the bank, its rights from the Custodian of Abandoned Property in the West Bank, and any grants and funds given to the company from contractors.
In 2018, Menora Mivtachim granted Dalia Eliaspor a loan for a project in the settlement neighborhood of Ramat Shlomo in occupied East Jerusalem.
Exploitation of Occupied Natural Resources
Menora Mivtachim holds 74% in Menora Mivtachim C.S – Naama Solar Project Ltd., a renewable energy project spanning across 3,500 dunams of land in the Jordan Valley. The solar field is jointly owned by Menora with the settlement of Naama. The project was initiated by the Jordan Valley settlements Regional Council to generate income and economic development to settlements in the region.
Menora Mivtachim holds 5.86% of the shares of Enlight Renewable Energy, which develops and operates several renewable energy projects in the occupied Syrian Golan.
For more on the exploitation of occupied natural resources, see Who Profits' report: Greenwashing Dispossession: The Israeli Renewable Energy Industry and the Exploitation of Occupied Natural Resources.
Financing Military Projects
Menora Mivtachim participated in the financing of military projects for the Israeli Ministry of Defense (IMOD).
Kiryat HaTikshuv
Menora Mivtachim participated in the financing of the Israeli military's ICT campus “Kiryat HaTikshuv” in the Naqab. The military's ICT Campus was established as part of the IMOD's relocation plan to transfer army bases to the Naqab region, including the ICT Corps’ Technology Unit, the Air Force’s Technology Unit and the Southern Command headquarters.
Kiryat Hamodi’in
In 2022, Menora Mivtachim participated in the financing of establishment of the Israeli military Intelligence Campus “Kiryat Hamodi’in” in the Naqab.
Menora Mivtachim invested over NIS 600 million in the project led by Shikun & Binui Group. The Campus hosts the military’s Intelligence operations and houses soldiers and officers of the Intelligence, Cyber and Technology units, as well as the headquarters units of the Intelligence Division.
City of Training Bases
In addition, Menora participated in the financing of the military's City of Training Bases, "Bahad City", and the military's Logistic Centers Project, for the establishment of three new military regional logistics centers that will provide all the military’s logistical needs using advanced technology. The military City of Training Bases (Bahad City), also known as Ariel Sharon Camp, also in the Naqab, stretches over 2,500 dunams and includes 134 buildings hosting around 10,000 Israeli permanent soldiers.
For more on military projects in the Naqab, see Who Profits interactive map Tools of Dispossession in the Naqab: Development & Military Projects.
Services for Military Veterans
Menora provides group long-term care insurance services to the Israeli Veterans Association.
In 2018, Menora signed an agreement with the association to provide insurance to around 40,000 members and their family members for a period of 8 years. In 2022, the agreement was extended until 2030 with an option to increase insurance payments.
Holdings in Complicit Companies
Through its holdings in other private and public companies, Menora Mivtachim is complicit in providing services to the Israeli Ministry of Defense and the Israeli military, and the construction and expansion of settlement infrastructure.
Menora Mivtachim holds 11.37% of the shares of G1 Secure Solutions which provides security services to settlements as well as services to the Israel Prison Service and the Isreal Police.
Menora Mivtachim holds 8.41% of the shares of Paz Energy which provides fueling services to the Israeli Ministry of Defense, the Israeli Civil Administration, Israeli Police and Israeli Prison Services. In addition, the company operates gas stations and convenience stores in the occupied West Bank, East Jerusalem and Syrian Golan.
Menora Mivtachim holds 7.2% 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 and the provision of services to the Israeli Ministry of Defense. The company was also involved in the construction of the barrier surrounding the besieged Gaza.
Menora Mivtachim holds 7.11% of the shares of the Israeli IT company, Formula Systems which provides services for the Israeli Ministry of Defense and the Israeli military, especially in air and missile defense, command & control, intelligence and cyber systems development.
Menora Mivtachim holds 6.53% 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.
Menora Mivtachim holds 6.27% 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.
Menora Mivtachim holds 5.91% of the shares of Afcon Holdings which provides services to the Israeli military, Israel Prison Service and Israel Police.
Menora Mivtachim holds 6.13% of the shares of the Israeli telecommunications company, Partner Communications, which provides telecommunication services and cellular infrastructure to settlements in the occupied West Bank, East Jerusalem and the Syrian Golan.
Menora Mivtachim holds 5.52% of the shares of the Israeli telecommunications company, 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.
Menora Mivtachim Holdings
מנורה מבטחים החזקות בע"מ
Head office: Zeev Jabotinsky St. 23, Ramat Gan 5251102, Israel. Tel.: +972-3-7107801
A publicly traded Israeli holding company and one of the five largest insurance and financial groups in Israel. The company is engaged in the insurance and credit sector, construction support and credit and financing activities for businesses, and credit and investment in real estate.
Menora Mivtachim provides financing for settlement construction and military projects. In addition, the company engages in the exploitation of occupied natural resources.
As previous research by Who Profits has shown, Menora Mivtachim and other major Israeli insurance companies are complicit in financing settlement construction and settlement infrastructure 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
Menora Mivtachim provides financial infrastructure to Israeli construction companies for the purpose of construction of real estate projects in settlements in the occupied Syrian Golan and the occupied West Bank and holds the rights to the land and the project as collateral.
In 2023, Menora Mivtachim granted the Israeli construction company Y.D. Barazani several loans for acquisition of lease rights for a development project of construction of housing units in the settlement of Katzrin in the occupied Syrian Golan according to Plan No. תמל/1032 and tender no. 477/2021/ צפ for the construction of 1,642 housing units, tourist complexes, roads and infrastructure on the outskirts of the settlement. As part of the agreement, Menora Mivtachim holds as collateral all the company’s rights in in connection with the development contract signed with the Israel Land Authority in relation to the land.
In September 2022, Menora Mivtachim granted the Israeli company Traklin Yizum Ubniya a loan for a development project for the construction of 152 housing units on 19 plots of land in the settlement of Emmauel in the occupied West Bank according to Plans No. 120/6 and No. 120/9. The project was also financed by the Bank of Jerusalem. Plan No. 120/6 includes construction of a residential neighborhood with 1159 housing units, public buildings and institutions, commercials areas, open public spaces, roads and pedestrian areas on 406.9 dunams (4069 square meters) of land, while Plan No. 120/9 includes additional construction on existing roofs of residential buildings on the lands of the Palestinian town Deir Istiya. As part of the agreement Gamla Harel holds as collateral the company's rights in the project.
In June 2019, Menora Mevtahim granted A. Barkan a loan in its development project for the construction of 80 housing units in the settlement of Ariel in the occupied West Bank as part of tender 8/2018/יש . The project was also financed by the Bank of Jerusalem. As part of the agreement, Menora Mivtachim holds as collateral the company’s rights in the project, its rights in the bank, and its rights from the Custodian of Abandoned Property in the West Bank, and any grants and funds given to the company from contractors.
In May 2019 and 2021, Menora Mivtahim granted Shlomo Cohen company a loan for a construction project of 84 housing units in the settlement of Ma’ale Adumim in the occupied West Bank as part of tender 162/2018/יש. The project is part of Plan No. 420/1/24 for the construction of 459 housing units and public buildings on the lands of the Palestinian towns al-Eizariya and Abu Dis. As part of the agreement Menora Mivtachim holds as collateral the company’s rights in the project, its rights in the bank, its rights from the Custodian of Abandoned Property in the West Bank, and any grants and funds given to the company from contractors.
In 2018, Menora Mivtachim granted Dalia Eliaspor a loan for a project in the settlement neighborhood of Ramat Shlomo in occupied East Jerusalem.
Exploitation of Occupied Natural Resources
Menora Mivtachim holds 74% in Menora Mivtachim C.S – Naama Solar Project Ltd., a renewable energy project spanning across 3,500 dunams of land in the Jordan Valley. The solar field is jointly owned by Menora with the settlement of Naama. The project was initiated by the Jordan Valley settlements Regional Council to generate income and economic development to settlements in the region.
Menora Mivtachim holds 5.86% of the shares of Enlight Renewable Energy, which develops and operates several renewable energy projects in the occupied Syrian Golan.
For more on the exploitation of occupied natural resources, see Who Profits' report: Greenwashing Dispossession: The Israeli Renewable Energy Industry and the Exploitation of Occupied Natural Resources.
Financing Military Projects
Menora Mivtachim participated in the financing of military projects for the Israeli Ministry of Defense (IMOD).
Kiryat HaTikshuv
Menora Mivtachim participated in the financing of the Israeli military's ICT campus “Kiryat HaTikshuv” in the Naqab. The military's ICT Campus was established as part of the IMOD's relocation plan to transfer army bases to the Naqab region, including the ICT Corps’ Technology Unit, the Air Force’s Technology Unit and the Southern Command headquarters.
Kiryat Hamodi’in
In 2022, Menora Mivtachim participated in the financing of establishment of the Israeli military Intelligence Campus “Kiryat Hamodi’in” in the Naqab.
Menora Mivtachim invested over NIS 600 million in the project led by Shikun & Binui Group. The Campus hosts the military’s Intelligence operations and houses soldiers and officers of the Intelligence, Cyber and Technology units, as well as the headquarters units of the Intelligence Division.
City of Training Bases
In addition, Menora participated in the financing of the military's City of Training Bases, "Bahad City", and the military's Logistic Centers Project, for the establishment of three new military regional logistics centers that will provide all the military’s logistical needs using advanced technology. The military City of Training Bases (Bahad City), also known as Ariel Sharon Camp, also in the Naqab, stretches over 2,500 dunams and includes 134 buildings hosting around 10,000 Israeli permanent soldiers.
For more on military projects in the Naqab, see Who Profits interactive map Tools of Dispossession in the Naqab: Development & Military Projects.
Services for Military Veterans
Menora provides group long-term care insurance services to the Israeli Veterans Association.
In 2018, Menora signed an agreement with the association to provide insurance to around 40,000 members and their family members for a period of 8 years. In 2022, the agreement was extended until 2030 with an option to increase insurance payments.
Holdings in Complicit Companies
Through its holdings in other private and public companies, Menora Mivtachim is complicit in providing services to the Israeli Ministry of Defense and the Israeli military, and the construction and expansion of settlement infrastructure.
Menora Mivtachim holds 11.37% of the shares of G1 Secure Solutions which provides security services to settlements as well as services to the Israel Prison Service and the Isreal Police.
Menora Mivtachim holds 8.41% of the shares of Paz Energy which provides fueling services to the Israeli Ministry of Defense, the Israeli Civil Administration, Israeli Police and Israeli Prison Services. In addition, the company operates gas stations and convenience stores in the occupied West Bank, East Jerusalem and Syrian Golan.
Menora Mivtachim holds 7.2% 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 and the provision of services to the Israeli Ministry of Defense. The company was also involved in the construction of the barrier surrounding the besieged Gaza.
Menora Mivtachim holds 7.11% of the shares of the Israeli IT company, Formula Systems which provides services for the Israeli Ministry of Defense and the Israeli military, especially in air and missile defense, command & control, intelligence and cyber systems development.
Menora Mivtachim holds 6.53% 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.
Menora Mivtachim holds 6.27% 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.
Menora Mivtachim holds 5.91% of the shares of Afcon Holdings which provides services to the Israeli military, Israel Prison Service and Israel Police.
Menora Mivtachim holds 6.13% of the shares of the Israeli telecommunications company, Partner Communications, which provides telecommunication services and cellular infrastructure to settlements in the occupied West Bank, East Jerusalem and the Syrian Golan.
Menora Mivtachim holds 5.52% of the shares of the Israeli telecommunications company, 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.
Ownership
The company is publicly traded on the Tel Aviv Stock Exchange under the ticker symbol: MMHD
Major shareholders include Flems Establishment (31.33%), Naden Establishment (31.33%), Aharon Kalman (2.75%).
Chairman of the Board: Eran Griffel.
CEO: Aharon Kalman.
Subsidiaries
Fully owned subsidiaries: Menora Mivtachim Insurance Company Ltd., Shomera Insurance Company Ltd., Menora Mivtachim Real Estate Ltd., E.R.N. Israel Ltd., Menora MI Pension Insurance Agency Ltd., Menora Insurers Capital Raising Ltd., Menora Properties & Investments Ltd., Shomera Real Estate Ltd., Shomera Agencies Ltd., Sinai Insurance Agency Ltd., Menora Mivtachim Finance Ltd., Menora Mivtachim Mortgages Ltd., Menorah Mivtachim Tech Ltd., Menora Mivtachim Underwriters & Management Ltd.
Additional subsidiaries: Menora Mivtachim Pensions and Gemel Ltd. (90.01%), Orot Life Insurance Agency (2005) Ltd. (90.01%), Financing in Click Ltd. (80%), Menora Mivtachim C.S-Naama Solar Project LTD. (74%), Alifim Insurance Agent (2002) Ltd. (50%), Bestie Price Ltd. (50%), A.t.g.r. Insurance Agency (2007) Ltd. (51%), AMPA Capital Ltd. (47.65%), IBI Quality Credit Ltd. (27%), Metaor A.A. Financial Insurance Agency (2020) Ltd. (25%), Gaia Journal Holdings LLC (38.3%), Boulder Texas Holdings LLC (30.1%), Surrey Street LP (28.1%), Michelson Real Estate Fund IV, LLC (22.5%), MMX Properties Alaska Haarlem B.V. (21.9%), MM Fenwick LLC (21.6%), Wall Holdings LLC (20.1%), MMZ Properties B.V. (18.5%), City Center Mengot sp. Z o.o (17.6%), Kissterra Technologies Ltd. (3.5%).
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