Israel’s marquee airline is saying shalom to Florida.
El Al announced plans to move its headquarters from New York City to Miami this week as it shaves costs in the wake of the COVID-19 pandemic, according to reports.
After running its American operations out of New York for several decades, El Al will relocate to a new Miami building and save $500,000 a year in the process, according to the company’s first quarter report.
The airline’s headquarters will move into a building owned by controlling shareholder Kenny Rozenberg and pay $90,000 monthly to lease the space, according to the Jewish Press.
El Al said the shift is part of a general streamlining required to receive COVID-19 assistance from the Israeli government.
The Florida relocation has already been approved by the company’s board of directors and Israel’s finance ministry, according to the outlet.
The carrier said it plans to add more U.S. destinations in the near future after finalizing the switch.
Miami has seen an influx of new companies and business activities in recent years with firms drawn by lower taxes and what some perceive as a business friendly climate.