Mayor of London boosts capital's trade links with Tel Aviv
Major of London, Boris Johnson is expected to announce a boost in trade operations with Israel’s capital, Tel Aviv, on the first of his three day trade mission to the Middle Eastern country.
London has become the number one city in Europe for Israeli tech businesses looking to list on the stock market, according to research compiled by London & Partners, the Mayor’s promotional company and IVC Research Center.
Technology companies make up over three quarters (76%) of all Israeli companies listed on the London Stock Exchange and over the last five years they have raised over £240m through those listings. There are currently 16 Israeli tech firms listed across London Stock Exchange’s markets with a combined market value of £3.7bn.
The Mayor of London, Boris Johnson MP, said: “London is the natural tech partner for Israeli firms looking to expand. With access to a world class talent pool and a booming digital economy it is no surprise that Israeli tech companies are making London their home and choosing the London Stock Exchange as their international market for expansion. I’m here to encourage even more of Israel’s top tech talent to head to our shores.”
The Mayor will attend several events in Tel Aviv with an aim of increasing trade links with London, including visits to the Tel Aviv Stock Exchange and Google Campus. He will join Nikhil Rathi, the Chief Executive of the London Stock Exchange, to officially open the day’s trading at the Tel Aviv Stock Exchange this morning, alongside a delegation of UK tech businesses.
Nikhil Rathi, Chief Executive of the London Stock Exchange, added: “London Stock Exchange is committed to ensuring ambitious, fast growing businesses from around the world have access to equity capital.
“Israel is world-renowned for its impressive record in nurturing technology start-ups and we believe London is the natural destination for these companies when they look to raise finance to grow on the international stage. In 2014 we saw more firms from Israel list on our markets than any other country outside the UK and with a strong pipeline we are confident that this trend will continue.
“We were particularly excited this year to see an Israeli company, eToro, join our innovative business support programme, ELITE. And now we have secured permission from the Israeli authorities, we look forward to welcoming Israeli firms as trading members on the London Stock Exchange and Turquoise.”
At today’s tech event, James Layfield CEO of UK workspace provider, Central Working, will announce the organisation’s plans to bring 20 leading Israeli start-ups to London.
The startups chosen for the programme will not only benefit from work space at one of Central Working’s four locations in London, but will also have access to the mentoring and support of their community to help them accelerate their growth.
To coincide with his involvement on the Mayor’s trip, the Mayor will appoint James Layfield as a technology ambassador for London.
He will join other ambassadors such as Russ Shaw, Founder of Tech London Advocates, Eileen Burbidge, Chair of Tech City UK and the UK Government’s Fintech envoy and Sarah Wood, CEO Unruly, to help promote the capital’s tech sector on an international stage.
James Layfield, CEO Central Working said: “I’ve been a proud advocate for London’s thriving tech scene for many years and in my opinion London will be the global city of choice for tech innovation within the next five years.
“Our digital entrepreneurs are already competing fiercely with those from New York and Silicon Valley and I’m delighted that as a tech ambassador for London I can help spread the message about why London is the technology capital of the world.
“Strong community lies at the heart of Israeli culture and Central Working’s strength is in our nurturing community, so I’m thrilled to welcome these fantastic Israeli tech start-ups into the network and have the opportunity to help them expand and thrive in a new market.”