News Brief

(IsraelNN.com) Israeli companies are increasing investment in cash-rich Russia, where Africa Israel is building a huge shopping center and apartment towers. Other investments by Africa Israel and other firms include clothing chains and investment houses. Africa Israel is headed by Lev Levayev, who immigrated from Tashkent in the eastern part of the former Soviet Union. Another Israeli tycoon from Russia is billionaire Arcadi Gaydamak.

Russian consumers are evolving from the past days of stark communism, and the government is rich with cash from oil revenues.