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Tuesday, January 11th, 2011

Prestigious London-based Monocle magazine, a global briefing journal covering international affairs, business, culture and design, has chosen Haifa as the city with the most promising business potential for 2011.

 According to the magazine, Israel’s third largest city Haifa was chosen due to a massive head-to-toe regeneration and a recent swing to positive net immigration into the city in 2009.

Recently, the municipality spent more than $350 million on infrastructure and roads, while the number of building permits over the last two years rose 83%.

The city also finished the 6 km Carmel Tunnel, a $400 million project that connects the southwestern part of the city with its northeastern part, and dramatically cuts the amount of time needed to travel cross town. A light “railway” using high density busses in dedicated traffic lanes is also due to start operating in 2011, and a cable-car connecting the bay area with the academic institutions in the upper part of the city is planned for 2013.

Many multinationals have chosen Haifa, which is also home to Israel’s celebrated Technion Israel Institute of Technology, as the location of choice to establish an international branch focusing on R&D, including: Google, IBM, Intel, Microsoft, and GE Healthcare. Haifa is also home to.

Other places listed by the magazine included Berlin and Istanbul.