A man sustained serious wounds to his legs after a bomb planted under his vehicle went off in Eilat on Sunday morning.
Eilat Deputy Police Chief Dep.-Cmdr. Eitan Gadsi said the blast was likely an underworld assassination attempt.
The man, a construction contractor in his 30s, who is originally from Nazareth, was rushed to the city's Yoseftal Hospital.
A passenger who was also in the vehicle was moderately hurt.
Police launched a hunt for the would-be assassins, and were examining traffic leaving the Red Sea resort city in the hours following the blast.