The company is engaged in the improvement of real estate
At the end of 2025, Ray TLV owns an interesting Tel Aviv project book, but the company itself still depends more on debt rollovers, collateral, and controlling-shareholder support than on revenue and operating cash.
Ray's NIS 152.58 million project inventory looks large, but its quality is uneven. Most of the carrying book still sits in projects that depend on planning progress, rights aggregation, and continued funding, while Herzl is currently the only balance-sheet project that looks rel…
The March 2026 loan extension bought Ray more time, but it did not change the nature of the financing stack: by year-end 2025 the company still relied on a working-capital deficit, minimal cash, two external loans already above original principal, and deeper controlling-sharehol…
