Tel Aviv is a technological and economic hub.
In 2010, Israel ranked 17th among the world's most economically developed nations, according to IMD's World Competitiveness Yearbook. The Israeli economy was ranked as the world's most durable economy in the face of crises, and was also ranked first in the rate of research and development center investments.
The Bank of Israel was ranked first among central banks for its efficient functioning, up from 8th place in 2009. Israel was also ranked as the worldwide leader in its supply of skilled manpower. The Bank of Israel holds $78 billion of foreign-exchange reserves.
Despite limited natural resources, intensive development of the agricultural and industrial sectors over the past decades has made Israel largely self-sufficient in food production, apart from grains and beef. Imports to Israel, totaling $77.59 billion in 2012, include raw materials, military equipment, investment goods, rough diamonds, fuels, grain, consumer goods. Leading exports include electronics, software, computerized systems, communications technology, medical equipment, pharmaceuticals, fruits, chemicals, military technology, and cut diamonds; in 2012, Israeli exports reached $64.74 billion.
Reception hall at Ben Gurion Airport
Israel is a leading country in the development of solar energy. Israel is a global leader in water conservation and geothermal energy, and its development of cutting-edge technologies in software, communications and the life sciences have evoked comparisons with Silicon Valley. According to the OECD, Israel is also ranked 1st in the world in expenditure on Research and Development (R&D) as a percentage of GDP. Intel and Microsoft built their first overseas research and development centers in Israel, and other high-tech multi-national corporations, such as IBM, Google, Apple, HP, Cisco Systems, and Motorola, have opened R&D facilities in the country.
In July 2007, American business magnate and investor Warren Buffett's holding company Berkshire Hathaway bought an Israeli company, Iscar, its first non-U.S. acquisition, for $4 billion. Since the 1970s, Israel has received military aid from the United States, as well as economic assistance in the form of loan guarantees, which now account for roughly half of Israel's external debt. Israel has one of the lowest external debts in the developed world, and is a net lender in terms of net external debt (the total value of assets vs. liabilities in debt instruments owed abroad), which in December 2015 stood at a surplus of US$118 billion.
Cableway at Masada, popular tourist attraction
Days of working time in Israel are Sunday through Thursday (for a five-day workweek), or Friday (for a six-day workweek). In observance of Shabbat, in places where Friday is a work day and the majority of population is Jewish, Friday is a "short day", usually lasting till 14:00 in the winter, or 16:00 in the summer. Several proposals have been raised to adjust the work week with the majority of the world, and make Sunday a non-working day, while extending working time of other days or replacing Friday with Sunday as a work day.
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