Phoenix CEO: There is still big interest in Israel’s economy

Hundreds of Israeli economists including Noble Prize winner Daniel Kahneman, Prof. Eugene Kandel and Prof. Avi Ben-Bassat today sent a letter to Prime Minister Benjamin Netanyahu warning off the potential economic results of reforming the country’s judicial system. But is the matter really being felt by Israeli businesses. Eyal Ben Simon, CEO of Israel’s largest insurance company Israel Phoenix Assurance Ltd. (TASE:PHOE1; PHOE5), who is currently abroad insists that the answer is unequivocally no.

In a rare interview with the media, Ben Simon told “Globes” that he is one of Israel’s only CEOs who is prepared to go on record on the issue. “There is high interest from investors in the Israeli economy in general and in the Phoenix and its subsidiaries in particular. Not only have I not seen a decline in interest but even an increase. And I personally am very ‘long’ (opposite of selling short) on the State of Israel. I believe in the Israeli economy, the Israeli public and the capabilities of the State of Israel.”

How do you relate to the warnings about the repercussions regarding the judicial reform such as cutting Israel’s debt rating?

“Nobody is talking to me about the judicial reform and I haven’t heard anybody talking about cutting the rating or harming the position of Israel.”

Last month Abu Dhabi Development Holding Co. (ADQ) signed a memorandum of understanding with two US funds to buy a controlling stake in the Phoenix. The deal is subject to approval by the Israeli regulatory authorities.

Published by Globes, Israel business news – en.globes.co.il – on January 25, 2023.

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