The Industrial Park in Nazareth is a new addition to the city by industrialist Stef Wertheimer. Six additional parks were established in Israel and one is functioning in Turkey. Nazareth is the largest Arab city in Israel. Its economy relies mainly on tourism. Israeli High-Tech, well known all over the world, was not a relevant part of Nazareth’s industry until today.

During the opening ceremony, the President of Israel, Shimon Peres, Wertheimer and Nazareth Mayor, Ramez Jeraisy cut the ribbon.
Peres said to Mayor Jeraisy, "You received a new city. This Park is at the top of technology, and it will bring your city to new heights."
Wertheimer made a promise: “This park will create new jobs. The young men and women of all sectors will be given an equal opportunity to make a living in the Galilee area, and it will help develop the region."

Mayor Jeraisy thanked them both and said, "The vision of High-Tech is offering hope to young people, and a rapid development to the city of Nazareth."
The Industrial Park is located just at the foot of the Christian holy site of Mount Precipice in the historic city of Nazareth.
During his visit to Israel in May 2009, Pope Bendict XVI met with Wertheimer and Mayor Jeraisy at the site.

They told Pope Bendict XVI that the Industrial Park is to be the first implementation of a unique model: a joint Jewish-Arab entrepreneurship for promoting the advancement of Arab-Jewish Israeli export companies.

The park, which spans over 24,000 square meters, is expected to host 30 export-oriented firms and to provide 1,000 jobs in the next decade. It was built with an investment of some 20 million U.S. dollars.

(Stef Wertheimer and the president of Israel, Shimon Peres, with the entrepreneurs at the Nazareth Industrial Park)

The company Amdocs, a global leader in unified communications and network services and solutions, was the first to take up residence in the park.

"It was my personal dream to open an office in Nazareth,” said Eli Gelman, Amdocs' president.

He said that 100 employees - Muslim, Christians, Druzes, Cherkesian and Jews - are harmoniously working together in the Nazareth office.
Female entrepreneur, Ribb Yunes, told the audience that she and her husband, Anid Yunes, will soon relocate their global company, Alpha-Omega, to the park.
Alpha-Omega develops equipment in the fields of functional neurosurgery and neuroscience.

"Nazareth is now on the High-Tech map. Thanks, Stef, for believing in Nazareth," she told Wertheimer.

Wertheimer’s parks are based on five principles: exports, education, co-existence, community, and culture.
One of the future programs of the Industrial Park will be the recruitment of Arab and Jewish entrepreneurs to participate in a practical industrial entrepreneurship course.
The graduates are hoped to generate Arab-Jewish partnerships of industrial enterprises.
The Youth Orchestra of Nazareth played and filled the cultural side of the event.