The mayor of Jerusalem said that investing in the holy city could reduce violence between Muslims and Jews.
According to Nir Barkat, ethnic and religious tensions in Jerusalem were inflamed by the city's low standard of living and high unemployment. Speaking to Israeli and global business leaders in Tel Aviv on Monday, Barkat said that ending poverty would decrease the tensions.
Barkat is a secular politician in the strongly religious city and made a fortune in the high-tech world before entering politics.
He hopes to boost Jerusalem's economy by attracting investments in tourism and biomedical researching. Barkat said he planned to invest $25 million in the city's life sciences industries over the next five years, mostly through tax incentives.