HaifaIsrael news photo: Flash 90

The financial news service Bloomberg has ranked Israel's Technion University as the seventh best undergraduate institution in the world.

The rankings based on an analysis of the undergraduate schools of 250 CEOs of U.S. tech companies with a market value of over $1bn placed the Technion in joint seventh place alongside MIT, Rice University and the University of Texas, Austin. The Haifa based university is the only institution listed in the top ten from outside the U.S.

Bloomberg showered praised on the Technion for its impressive high tech hubs which it said "prove its commitment to technology." 

The Technion is currently collaborating with Cornell University in the U.S. on a plan to build a $2 billion tech campus and start-up incubator on New York City's Roosevelt Island.

Technion President, Professor Peretz Lavie, welcomed the top ten ranking as "an indication of the University's prominent status throughout the world." Adding, "The Technion has played a pivotal role in transforming Israel to a start-up powerhouse.”

Earlier this week, Technion graduate Dorit Salinger was appointed as Israel's next commissioner for capital markets, insurances and savings.