The six were selected out of 50 that submitted their candidacy and all have experience in residential and skyscraper construction.
The winning companies will be entitled to manage residential construction projects including all the engineering and performance aspects of the project. They will have to construct residences totaling hundreds of thousands of sq.m. during their stay in Israel. Each company will receive a permit to employ up to 1,000 foreign workers. This will also increase the number of jobs for Israelis employed as electricians, plumbers, plasterers, glaziers, and in infrastructure work.
The foreign companies will receive five year permits, with a possible three-year extension. The purpose of the measure is to supply the great demand for housing and boost the use of industrialized construction.
Minister of Finance Moshe Kahlon said, “The right way to increase the inventory of housing in Israel is by strengthening the supply chain: from diversification of raw materials to introducing new construction companies to accelerate construction in Israel.”
Minister of Construction and Housing Yoav Galant said, “The housing market in Israel has suffered from a shortage of personnel, backwardness, and expensive resources in recent years.
The foreign companies, with their expertise in special construction methods that have never been employed in Israel, will also bring technologies and expert personnel to Israel in order to shorten the duration of construction and cut costs. Every such measure will be accompanied by close supervision of standards and quality.”