Hadassah's Cyprus Medical Venture and Financial Exposure Spark State Probe

Hadassah Medical Center has presented its new medical facility in Limassol as a professional advisory project for a local group of developers, but an investigation reveals that the broader Hadassah Healthcare Park project in Nicosia is led by Israeli businessmen Eli Yisraeli and David Alster. According to the Cyprus Registrar of Companies, the directors of Osopil Ltd—the company advancing the Nicosia project whose management contract was signed by Hadassah Medical Ltd in 2020—are real estate entrepreneur Eli Yisraeli and his partner David Alster. Yisraeli is a prominent figure in the local real estate market, having held half of the Mall HaYam in Eilat until 2021, when it was sold to the Azrieli Group for approximately NIS 1.31 billion.

Following an initial report that Hadassah opened the Limassol medical center without notifying the Ministries of Health and Finance, the hospital stated that "Hadassah has not invested a single shekel in the venture and does not finance it," providing only "professional consulting, medical knowledge, and clinical standards" to its Cypriot partners. However, public documents in Cyprus show that the venture is far broader and involves non-Cypriot partners. In March 2022, it was reported that Elhadi Holdings, presented as part of Eli Yisraeli's group, became the controlling shareholder of Riviera Plaza BBI, which develops the Nicosia medical park, after repaying loans exceeding 11 million euros. Marketing materials for the Nicosia project, HHP Residences, present Elhadi Holdings as the project owner and report the construction of the first 42 apartments.

Government Scrutiny and Financial Exposure

The Ministries of Health and Finance have stepped up their oversight, demanding the project's business plan, copies of agreements with the financing developers, and details of all investments and commitments. In a joint letter dated October 21 to Hadassah CEO Prof. Yoram Weiss, signed by Neria Stauber, Deputy Director General for Planning at the Ministry of Health, and Yoav Hecht, health budget coordinator at the Ministry of Finance, the officials summoned hospital management for a hearing. The ministries noted that financial reports from the medical center for 2025 indicate that the Jerusalem hospital assumed liability for indemnities totaling up to $30 million for directors and officers of the Hadassah Medical Center in Moscow, highlighting the potential financial exposure generated by international operations.

Hadassah responded by stating that the venture significantly strengthens Israel-Cyprus relations and acts as an important ambassador for international ties during a challenging period. The hospital reiterated that its role is strictly limited to professional guidance and consulting for the local team, emphasizing that the venture will ultimately boost medical tourism to Israel and contribute to its economy and global standing.