El Al to move US HQ from New York to Miami

El Al Israel Airlines Ltd. (TASE:ELAL) will move its US headquarters from New York to a building in Miami owned by controlling shareholder Kenny Rozenberg. The company reported the move in its first quarter financial statement saying that it would have negligible influence on the airline.

El Al’s US headquarters has been located for decades in New York. North America, with an emphasis on New York, has always been the Israeli carrier’s dominant market. Other popular destinations for El Al’s customers are Boston, Miami and Los Angeles and the airline has plans to expand operation in the US by adding more flights to more destinations.

El Al said that moving the US head office to Miami will save the airline $500,000 annually including the streamlining involved. The annual rent for the building in Miami will be $90,000. The move has been approved by the board of directors, the company’s auditing committee and the Ministry of Finance as part of the streamlining required for government assistance due to the Covid crisis.

Published by Globes, Israel business news – en.globes.co.il – on May 23, 2022.

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