Yigal Dimri, controlling shareholder and CEO of YH Dimri Construction and Development (TASE: DIMRI), the largest listed construction company in Israel, continues to oppose the employment of Palestinians in Israel, which was halted by the state at the outbreak of the Swords of Iron war. At a recent real estate conference, Dimri said that in his opinion the Palestinians should not return to working on building sites in Israel. In a call with investors on the release of YH Dimri’s first quarter financials, he expressed himself even more strongly on the matter.
Dimri said that his company had for several years tried to reduce its Palestinian workforce. “We succeeded in doing so, and we hardly employ any Palestinians, they’re all workers from overseas. There was a problem with the sub-contractors, but they too are gradually overcoming it.
“We should try not to be dependent on the Palestinians,” Dimri continued, and confided details probably heard for the first time from the owner of such a large construction company. “When we worked with the Palestinians, there were very many instances of sabotage in many projects. There’s no getting away from it, they don’t like us, and when a Palestinian works for you, he sabotages you.
“It happened several times that when we finished building and turned on the water, we discovered that the whole sewage system was blocked, because they had poured concrete into it. Several times we connected the gas, and discovered that there was no gas. We dug, and saw that they had cut the pipe. Today, that hardly ever happens.”
26% gross profit at Sde Dov
In the call with investors, Dimri commented on one of the most discussed areas of land recently, the Sde Dov quarter, formerly the site of Sde Dov Airport, in north Tel Aviv. YH Dimri has two plots in the area, on which it can build altogether 733 housing units. Dimri estimated that within two months the company would start work on the land in the south of the quarter.
Dimri’s call with investors took place before the announcement by Gindi Holdings, which made waves in the market, that it was starting to sell apartments on the land it bought in the Sde Dov neighborhood at prices from NIS 49,000 per square meter.
According to Dimri, prices in the neighborhood will be much higher – “at the level of NIS 75,000 to NIS 85,000 per square meter.”
“We estimate that we’ll reach 26% gross profit on the project, but we’re very, very conservative,” Dimri added. “Expected revenue reflects a price of about NIS 70,000 including VAT, including hotel and commercial areas. In my opinion, it will be much more, and the profit will be to suit, despite the considerable competition.”
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Dimri also commented on the talk of a decline in activity in the real estate sector. He confirmed that a slowdown was being felt, and said, “We are maintaining very high price levels, despite that. In the long term, the market will develop, mainly in the periphery. There’s a very large market, and the situation is excellent, not so good for buyers, but good for developers and contractors.”
On future projects, Dimri told investors: “I’m not going to show you that I have another twenty projects to curry favor with you. No offence, but you don’t interest me. What interests me is my customers, and reaching occupancy of a project on time.”
Published by Globes, Israel business news – en.globes.co.il – on June 9, 2025.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2025.
