Tel Aviv, Israel—The Israel Diamond Exchange (IDE) is adding approximately 123,785 square feet of office space to its complex, enabling the expansion and immediate development of the Israeli diamond industry.
The expansion of the IDE will have a significant effect on the diamond companies' ability to expand their businesses as well as create the opportunity to absorb international companies that have long expressed an interest in operating in Israel.
The top 10 floors of the Yahalom building will be incorporated within the IDE's 861,113 square feet of office space. The infrastructure work required to connect the 10 floors to the IDE complex should be completed by the beginning of 2009 and occupants will be able to move in accordingly.
"This is a momentous achievement for the Israeli diamond industry and a special day for the IDE," IDE President Avi Paz said in a media release issued on Tuesday. "For years, we have suffered from a shortage of space which began to restrict our activities. Now, finally, we can expand our businesses and welcome large international companies that wish to operate in Israel. I have no doubt that the Israeli diamond industry, in particular, and the Israeli economy, in general, will benefit from this transaction."
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