The competition commissioner Michal Cohen, approved the Azrieli Malls Group to purchase the mall in Eilat

The competition commissioner, Adv. Michal Cohen, approved the Azrieli Malls Group to purchase the mall facing the sea in Eilat. The Azrieli Group, which owns 16 malls and shopping centers throughout the country, does not currently operate in Eilat.
Azrieli and Melisron, which operates the Ofer Malls, are the largest players in the malls industry. Most of the leading malls in Israel are owned by one of the two groups - which earned them the nickname "Duopole Malls".
Azrieli's leading malls include the Hashalom Mall in Tel Aviv, the Ayalon Mall in Ramat Gan and the Malcha Mall in Jerusalem. Ofer Malls owns, among others, the Ramat Aviv Mall in Tel Aviv, the largest mall in Petah Tikva and Kryon in Kiryat Bialik. In recent years, the Big Group has also been a significant factor in the market, partly in light of the strengthening of trading in the open power centers.
"Mol Hayam" is one of the leading malls in Israel in terms of sales per square meter, and is also known for the high rents paid by tenants. Once upon a time, the sea was the undisputed ruler in the mall scene in Eilat, today Ace Mall and Big Eilat are biting it.
Azrieli, owned by Dana Azrieli and her brother and managed by Eyal Hankin, conducted lengthy negotiations on the acquisition of full ownership of the mall from Eli Israeli, the Phoenix Insurance and Finance Company and Ilan Ben Dov. The purchase is made at a value of NIS 1.31 billion for the mall - which also carries debts of NIS 641 million to the banks, so that its net worth is lower. Opposite the sea in Eilat is expected to become the fourth largest mall in the Azrieli Group in terms of value - after Azrieli Tel Aviv, Azrieli Ayalon in Ramat Gan and Azrieli Malcha Jerusalem.
"After an in-depth examination, the commissioner decided to approve the merger, as he did not raise a significant concern of harm to competition," the competition commissioner said in a statement. The Competition Authority approved the deal, among other things, because the Azrieli Group does not currently operate in Eilat, and its malls in the rest of Israel do not compete with malls in Eilat, due to the geographical distance of the city.