<P> Israel also has a small but fast growing hedge fund industry . Within the last five years between 2007 and 2012, the number of active hedge funds have doubled to 60 while the total asset values that the funds control have quadrupled since 2006 . Israel based hedge funds have registered an increase of 162% since 2006 and currently manage a total of $2 billion (NIS 8 billion) as well as employing about 300 people . The ever - growing hedge fund industry in Israel is also attracting a myriad of investors from around the world, particularly from the United States . </P> <P> Science and technology in Israel is one of the country's most highly developed and industrialized sectors . The percentage of Israelis engaged in scientific and technological inquiry, and the amount spent on research and development (R&D) in relation to gross domestic product (GDP), is among the highest in the world . Israel ranks fourth in the world in scientific activity, as measured by the number of scientific publications per million citizens . Israel's percentage of the total number of scientific articles published worldwide is almost 10 times higher than its percentage of the world's population . Despite its small population relative to other industrialized nations around the world, Israel has the highest number of scientists and technicians per capita in the world with 140 scientists and technicians per 10,000 employees . In comparison, the same is 85 per 10,000 in the United States and 83 per 10,000 in Japan . </P> <P> Israeli scientists, engineers, and technicians have contributed to the modern advancement of the natural sciences, agricultural sciences, computer sciences, electronics, genetics, medicine, optics, solar energy and various fields of engineering . Israel is home to major corporate players in the high - tech industry and has one of the world's technologically most literate populations . In 1998, Tel Aviv was named by Newsweek as one of the ten technologically most influential cities in the world . In 2012, the city was also named one of the best places for high - tech startup companies, placed second behind its California counterpart . In 2013, Tel Aviv repeated the feat where the American newspaper, Boston Globe ranked Tel Aviv as the second best city for business start - ups, after Silicon Valley Israel has the largest number of startup companies globally, second only to the United States and remains one of the largest centers in the world for technology start - up enterprises . 200 start - ups are created annually and more than 2500 start - up companies are operating throughout the country . </P> <P> As a result of the country's highly renowned and creative start - up culture, Israel is often referred to as the Start - up Nation (adapted from the book Start - Up Nation, by Dan Senor and Saul Singer). and the "Silicon Valley of the Middle East". There are even numerous programs that send people to Israel to explore the "Start - Up Nation" economy (such as TAVtech Ventures and TAMID Group). </P>

Which modern israeli city is an important center of business
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