Tshuva: Red-Dead canal will add 1 million jobs

Yitzhak Tshuva's Delek Group has returned to the Tel Aviv 25 list.

Delek Group Ltd. (TASE: DLEKG) controlling shareholder Yitzhak Tshuva said today that accelerating the digging of a canal between the Red Sea and the Dead Sea will add a million jobs to the economy, and that he "hopes there will be more gas reserves found, so that we can export as well."

Tshuva spoke at the opening of trading on the Tel Aviv Stock Exchange (TASE) today, at a ceremony to mark the twice-yearly update of the TASE indices. Delek Group returned to the Tel Aviv 25 Index.

As of today, Delek and Koor Industries Ltd. (NYSE: KOR; TASE: KOR) were added to the blue chip Tel Aviv 25 Index, and Super-Sol Ltd. (TASE:SAE;Pink Sheets:SSLTF.PK) and Gazit-Globe Ltd. (TASE: GLOB) were removed.

Tshuva said, "The Israeli economy got through the crisis with strength. Thanks to regulation, we entered the crisis in a relatively good way. I believe that because of the recent gas reserves discoveries there will be economic growth in Israel. Israel will be independent, and not dependent on foreign energy. From today, energy is a blue and white product.

Tshuva also said, "I have other dreams and visions of electricity generation and water desalination. I have no doubt that in the not too distant future, Israel will not have a water problem, because it will be possible to desalinate water from the Mediterranean Sea at a cheaper cost than to take water out of Lake Kinneret."

Published by Globes [online], Israel business news - www.globes-online.com - on July 1, 2009

© Copyright of Globes Publisher Itonut (1983) Ltd. 2009

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