The Israeli-American Oil Corporation, which incorporates the “Miami group” of investors in Israeli enterprises and which has invested more than $3,500,000 in unsuccessful prospecting for oil in Israel, announced plans today to drop prospecting and become a general development corporation.
Yekutiel Federman, president, said the revamped firm will have the name of Israel-American Industries. It will finance a new hotel and textile factory in the Arad section, a new development area. The project, he estimated, would cost 3,000,000 pounds ($1,680,000). It will include a housing project on Mount Carmel, in Haifa.
The Archive of the Jewish Telegraphic Agency includes articles published from 1923 to 2008. Archive stories reflect the journalistic standards and practices of the time they were published.
