Israeli Real Estate Figures Linked to Hadassah's Cyprus Venture

An investigation has revealed that Israeli businessmen Eli Israeli and David Alster are leading the Hadassah Healthcare Park project in Nicosia, Cyprus, despite Hadassah Medical Center's claims of merely providing professional consultation for a local Cypriot developer. Public records in Cyprus show that Israeli and Alster are directors of Osopil Ltd, the company promoting the Nicosia project, which Hadassah's subsidiary, Hadassah Medical Ltd, contracted for management in 2020.

Eli Israeli, a prominent Israeli real estate figure, was a co-owner of the Eilat "Mall Hayam" until 2021. The registered address for Osopil Ltd in Limassol is the same as H.C. Management of Medical Center, the entity operating the project in conjunction with Hadassah. This connection contradicts Hadassah's statement that it has not invested in or funded the venture, asserting it only offers professional advice, medical knowledge, and clinical standards to its Cypriot partners.

Further investigation indicates that Elhadi Holdings, identified as part of Eli Israeli's group, became the controlling shareholder of Riviera Plaza BBI, the developer of the Nicosia medical park, in March 2022 after repaying over 11 million euros in loans. This group is described as a real estate investment and development entity with a portfolio exceeding 2 billion euros across more than 12 countries. The project's marketing website lists Elhadi Holdings as the owner.

Despite Hadassah's claim of a contract solely with a Cypriot developer since 2020, Eli Israeli's group gained control of the project about 1.5 years later. Hadassah has not clarified if it was aware of this change in control or if its contract was updated accordingly. Marketing materials for the project, including the Limassol center, prominently feature Hadassah, presenting it as a cornerstone of the initiative rather than a mere consultant.

The Nicosia project is slated to include a 266-room hospital opening in 2027, a 90-room rehabilitation center, and a retirement complex, alongside a condo-hotel and residential apartments. Cypriot Ministry of Finance documents from October 2025 value the project at 90 million euros. Hadassah maintains it is not a party to lease agreements and is not involved in the real estate development, yet the project's name and official documents suggest otherwise.

Israeli government ministries of Health and Finance have requested Hadassah's business plan for the Cyprus venture, details of agreements with financiers, and a breakdown of all investments and commitments. They are also investigating Hadassah's financial exposure related to its Moscow operations, where it provided guarantees of up to $30 million for board members and executives of its Moscow medical center, which is partly owned by Russia's state nuclear corporation Rosatom. Hadassah has stated its role is limited to professional guidance and that the Cyprus project will boost medical tourism to Israel.