Discount Investment

What Discount Investment does

Discount Investment Corporation Ltd. (חברת השקעות דיסקונט בע"מ), trading on the Tel Aviv Stock Exchange as DISI, is one of the most prominent Israeli investment holding companies. Founded within a group whose real estate lineage traces to 1928 (Gav Yam), DIC manages a diversified portfolio of controlling and non-controlling stakes in leading Israeli companies across five sectors: Real Estate (PBC, Gav Yam, Nechasim Vebinin, Ispro), Telecommunications (Cellcom, including its 2020 acquisition of Golan Telecom), Technology (Elron), Agriculture, and Asset Management. The group reports approximately USD 6 billion in aggregate total assets held through its investees and over 5,000 employees across portfolio companies, with headquarters at 114 Igal Alon Street, 27th Floor, Tel Aviv.

DIC does not sell products or services to end customers. Its revenue model is that of an investment holding company: it generates returns through dividends from majority and minority portfolio companies, capital gains from periodic asset disposals (e.g., Shufersal, CartiHeal), and appreciation in the value of its underlying holdings. The firm is led by Baruch Itzhak (CEO and CFO) under Chairman Zahi Nahmias, with day-to-day governance supported by VP Accounting Haim Tabouch and a board that includes external and independent directors. DIC communicates with the market primarily through Tel Aviv Stock Exchange filings, quarterly investor presentations, and its corporate website at dic.co.il.

Recent corporate history reflects significant governance turbulence. In 2020, court-appointed temporary receivers over DIC shares pledged to IDB Development creditors were made permanent, materially altering control dynamics. The group simultaneously experienced CEO turnover (appointment in September 2019, termination in March 2020), pursued a control permit for Clal in financial services, and oversaw its telecom subsidiary Cellcom's acquisition of Golan Telecom. S&P Maalot has upgraded DIC's credit rating twice (to ilBBB in 2017, to ilBBB+ Stable in 2018), reflecting improved standalone creditworthiness despite these structural challenges.

Name

Discount Investment

Legal name

Discount Investment Corporation Ltd. (חברת השקעות דיסקונט בע"מ)

Website

https://dic.co.il

Company type

Public

Founded year

1928

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Discount Investment Corporation (DIC) is a publicly listed Israeli investment holding company that owns controlling and minority stakes in leading Israeli businesses across real estate, telecommunications, technology, agriculture, and asset management, with roughly USD 6 billion in aggregate portfolio assets.

Ownership category

akta.pro rank

Product category

Investment Holding Company

NAICS

Management of Companies and Enterprises (551), All Other Financial Investment Activities (52399)

SIC

Miscellaneous Business Credit Institution (6159), Real Estate Dealers (For Their Own Account) (6532)

akta.pro primary industry

Corporate Strategic Real Assets & Infrastructure Venture Investing (FSANAHAN)

Keywords

• Investment holding company
• Portfolio management
• Real estate investment
• Telecommunications investment
• Asset management

Headquarters

HQ city

Tel Aviv

HQ country

Israel

HQ region

Middle East

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Others

Revenue model

1. Investment Portfolio Returns: DIC generates returns through dividends from portfolio companies, capital gains from asset disposals, and appreciation in the value of its investment portfolio holdings across multiple sectors.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Discount Investment Corporation is a publicly traded Israeli investment holding company that manages a diversified portfolio of controlling and non-controlling stakes in leading Israeli companies across five sectors: Real Estate, Telecommunications, Technology, Agriculture, and Asset Management. The company's primary activities are acquiring and actively managing equity stakes in operating businesses through board representation, corporate governance oversight, and strategic initiatives designed to maximize shareholder value and unlock portfolio potential.

Product overview

Discount Investment Corporation is a holding company that operates as a diversified investment group rather than a single product company. The company manages a portfolio of investments in leading Israeli companies across five main sectors: Real Estate, Telecommunications, Technology, Agriculture, and Asset Management. The core subsidiaries include PBC (Property and Building Corp.) focusing on income-generating and residential real estate assets including hi-tech parks and shopping centers; Gav Yam specializing in real estate development, planning, construction, and management of commercial and industrial properties since 1928; and Ispro. The group employs over 5,000 people and manages approximately USD 6 billion in aggregate assets through its investee companies.

Differentiator

Problem solved

Functional benefit

Products and services

• PBC (Property and Building Corp.) One of Israel's largest real estate companies with an extended portfolio of assets in Israel and abroad. Main business activities include income-generating and residential assets such as hi-tech parks, residential parks, office buildings, and shopping centers. Traded on TA-90 index (PTBL) on the Tel-Aviv Stock Exchange. DIC holds approximately 63.2%-68.8% stake.
• Gav Yam One of the oldest and largest real estate companies in Israel, founded in 1928. Main activities include initiating, planning, constructing, and managing hi-tech parks, industrial parks, commercial properties, office buildings, logistics centers, and residential neighborhoods. Traded on TA-90 index (BYSD) on the Tel-Aviv Stock Exchange. DIC holds approximately 44.7%-46% stake.
• Ispro (ישפרו) Real estate company subsidiary, as referenced in corporate structure listings of Discount Investment Corporation.

Quantifiable outcome

• Over 5,000 employees across portfolio companies
• +1 more outcomes

Segments5 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Six partnerships are on record, tiered core and minor.

• PBC (Property and Building Corp.)coreOthersDIC holds approximately 63.2%-68.8% stake in PBC, one of Israel's largest real estate companies with portfolio of income-generating assets including hi-tech parks, residential parks, office buildings, and shopping centers. PBC trades on TA-90 index (PTBL).
• Gav YamcoreOthersDIC holds approximately 44.7%-46% stake in Gav Yam, one of Israel's oldest and largest real estate companies founded in 1928, specializing in hi-tech parks, industrial parks, commercial properties, and office buildings. Gav Yam trades on TA-90 index (BYSD).
• CellcomcoreOthersDIC has controlling interest in Cellcom, Israel's major telecommunications provider. Cellcom completed acquisition of Golan Telecom following regulatory approvals from Ministry of Communications and Competition Authority.
• ElronminorOthersDIC maintains investment in Elron, a technology investment company. Investment agreements and option for sale of CartiHeal were reported.
• ShufersalminorOthersDIC previously held stake in Shufersal (retail chain). The company examined and executed sale of Shufersal shares.
• ClalminorOthersDIC submitted application for control permit of Clal (insurance/financial services company).

Scale indicators3 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Arison Group: Arison Group is an Israeli holding company with interests in financial services, infrastructure, and real estate. Comparable to DIC as another diversified Israeli family-controlled investment platform.
• Africa Israel Investments: Africa Israel Investments was an Israeli holding company active in real estate, leisure, and communications, providing a historical direct peer comparison for DIC's diversified Israeli holdings structure.
• IRSA Holdings: IRSA is Eduardo Elsztain's Argentine real estate investment vehicle, with shopping centers, offices, and residential developments. Highly comparable given the shared controlling shareholder and parallel real-asset investment thesis to DIC.
• CRESUD: CRESUD is Eduardo Elsztain's Argentine agriculture-and-real-estate holding company, sharing both controlling-shareholder DNA with DIC and a multi-sector holding structure that includes farmland and commercial property.
• Delek Group: Delek Group is a publicly listed Israeli holding company with diversified interests in energy, automotive, real estate, and finance—structurally the closest domestic peer to DIC's multi-sector holding model.
• Israel Corporation: Israel Corporation is a long-established Israeli conglomerate with holdings in shipping, chemicals, energy, and infrastructure, making it directly comparable to DIC's diversified Israeli holding company profile.

Broad incumbents

• Berkshire Hathaway: Berkshire Hathaway is the archetypal publicly listed diversified holding company, deploying capital across insurance, industrials, and real assets. Relevant as a benchmark for DIC's holding-company model, though vastly larger and globally diversified.
• Exor N.V. Exor is a European holding company with controlling stakes in Ferrari, Stellantis, and other operating businesses. Comparable as a publicly listed, family-controlled diversified holding platform, though concentrated in industrials and luxury rather than real estate and telecom.
• Investor AB: Investor AB is a publicly listed Swedish holding company built around concentrated strategic equity stakes in operating businesses—a structurally similar model to DIC, though at much larger scale and pan-European scope.

Regional players

• Elbit Imaging: Elbit Imaging is an Israeli holding company focused on real estate, hotels, and medical imaging ventures—comparable to DIC in its Israeli-listed diversified holdings structure, though with a different sector mix.

Market position

Strengths2 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights5 records

Customer concentration

• LinkedInlinkedin.com/company/discount-investment-corp-ltd

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Discount Investment