IDB Development Corporation Ltd.

IDB Development Corporation Ltd. (Hebrew: אי די בי חברה לפיתוח בע"מ) was an Israeli holding company founded in 1981 as the non-banking investment arm of the Recanati family, controlled by IDB Holding Corporation, which also held a controlling stake in Israel Discount Bank. Its name derives from the Hebrew initials of Israel Discount Bank. The company was publicly traded on the Tel Aviv Stock Exchange and became a central player in the Israeli economy through a complex web of holdings. Over the decades, IDB Development expanded its portfolio through mergers and acquisitions. In July 2000, the company merged with Clal Industries, converting Clal shares into IDB Development shares. In 2005, it sold a significant stake in Koo Minhe to Kaman Holdings. In 2009, it acquired Ganden Tourism and Aviation, the private tourism company of Nochi Dankner and Avi Fischer, which held a major stake in Israir, and merged it with Clal Tourism. That same year, following a buyback offer, IDB Development's shares were delisted from the Tel Aviv Stock Exchange, though its bonds continued to trade and the company continued to report financial results. In July 2012, the company completed the sale of most of its holdings in Clal Industries to a company controlled by Len Blavatnik. As part of a debt restructuring at IDB Holding Corporation, which had failed to meet its obligations, IDB Development's shares were transferred in early 2014 to the bondholders of IDB Holding and to investors Eduardo Elsztain and Moti Ben Moshe, who prevailed over a group led by Nochi Dankner in a court-supervised vote. Following a dispute between Elsztain and Ben Moshe, it was determined that Ben Moshe would sell his holdings to Elsztain for 152 million shekels. In September 2020, IDB Development entered liquidation proceedings due to debts to bondholders. Consequently, the company was delisted from the stock exchange and became a private company. As of 2025, the official website serves as an alternative information channel for the liquidation proceedings, overseen by trustee Adv. Ofir Naor. The company's remaining assets included IDBG, a real estate company with a primary property in Las Vegas, USA; a 25% stake in Israir; and minority holdings in Kolo Technologies.

IDB Development Corporation Ltd. was founded in 1981 as the non-banking investment arm of the Recanati family, held by IDB Holding Corporation, which also controlled Israel Discount Bank. The company's name is an acronym for Israel Discount Bank in English. It was established to separate banking activities from investment activities, transferring the holdings of Israel Discount Bank in Clal Industries and the holdings of the parent company in the Economic Company for Israel. The company's roots trace back to the Economic Company for Israel, a holding company founded in 1925 by American Jewry to develop the Jewish settlement in Palestine through economic investments. Over time, its holdings passed to various Israeli companies, most notably IDB Development. In July 2000, Clal was merged into IDB Development through an exchange of shares; prior to the merger, IDB Development held 61% of Clal. In November 2005, IDB Development sold about 37% of Koo Minhe to Kaman Holdings through its subsidiary Clal Information Technologies. In 2009, IDB Development acquired Ganden Tourism and Aviation, the private tourism company of Nochi Dankner and Avi Fischer, whose main asset was Israir, and merged it with Clal Tourism, also held by IDB Development. On February 26, 2009, most shareholders accepted a buyback offer, and the company's shares were delisted from the Tel Aviv Stock Exchange, though its bonds continued to trade and the company continued to report results. In July 2012, the company completed the sale of most of its holdings in Clal Industries to a company controlled by Len Blavatnik. As part of the debt restructuring at IDB Holding Corporation, which had failed to meet its obligations, IDB Development's shares were transferred in early 2014 to the bondholders of IDB Holding and to investors Eduardo Elsztain and Moti Ben Moshe, who prevailed over a group led by Nochi Dankner in a court-supervised vote. Following a dispute between Elsztain and Ben Moshe, it was determined that Ben Moshe would sell his holdings to Elsztain for 152 million shekels. In September 2020, the company entered liquidation due to debts to bondholders. Consequently, it was delisted from the stock exchange and became a private company. As of 2025, the official website serves as an alternative information channel for the liquidation proceedings, overseen by trustee Adv. Ofir Naor. The company's remaining assets included IDBG, a real estate company with a primary property in Las Vegas, USA; a 25% stake in Israir; and minority holdings in Kolo Technologies.

• 2020

  Entered liquidation proceedings and delisted from the stock exchange.

• 2014

  Shares transferred to bondholders and investors Eduardo Elsztain and Moti Ben Moshe.

• 2012

  Completed sale of most holdings in Clal Industries to Len Blavatnik's company.

• 2009

  Acquired Ganden Tourism and Aviation (including Israir) and merged with Clal Tourism.

• 2009

  Shares delisted from the Tel Aviv Stock Exchange after buyback offer.

• 2005

  Sold approximately 37% of Koo Minhe to Kaman Holdings.

• 2000

  Clal merged into IDB Development through a share exchange.

• 1981

  Company founded as the non-banking investment arm of the Recanati family.

Former major Israeli holding company, now in liquidation.

Product categories. Holding company investments · Real estate · Tourism · Technology

1. 1home page - IDBidb.co.il
2. 2Idb Development Corporation Ltd. - Wikidatawikidata.org
3. 3אי די בי חברה לפיתוח - Wikipedia (Hebrew)he.wikipedia.org