Perhaps one of the most iconic Israeli product brands in the world, Ahava cosmetic products from the Dead Sea, is to be purchased by China’s Fosun International.

Ahava Dead Sea Laboratories Limited (Ahava literally means “Love” in English) was the first Israeli cosmetics company to manufacture skincare products made of mud and mineral-based compounds from the Dead Sea. Ziva Gilad, a spa technician, came up with the idea of marketing Dead Sea mud after watching women tourists scooping up the mud to take home. Ahava was founded in 1988 selling bottles of body scrub to tourists, generating US$1 million that year.

Ahava is the only cosmetics company licensed by the Israeli government to mine raw materials at the Dead Sea. On the Jordanian side of the Dead Sea, there are approximately 50 small companies producing cosmetics, but only 15 have a global presence.

The company employs around 200 employees, 180 of them in Israel. The US is the largest overseas market for its products. It also has flagship stores around the world in Israel, Germany, Hungary, the Philippines and Singapore.

Gaon Holdings Ltd, owner of 16% of Ahava, announced in September that an agreement in principle had been signed by Ahava’s existing shareholders to sell all or part of their shares in the company. Besides Gaon Holdings, the main shareholders in Ahava are Shamrock Israel Growth Fund, the Livnat family and Kibbutz Mitzpe Shalem. The agreement in principle states that the value of Ahava’s business for the deal will be NIS 300 million.

Israel’s President Reuven Rivlin, together with his wife, hosted foreign ambassadors and members of the diplomatic corps based in Israel, representing over 100 countries, for a reception held on 31 August at the President’s Residence, in honour of Rosh Hashanah, the Jewish New Year.

President Rivlin welcomed foreign ambassadors, diplomats, honorary consuls and representatives of the Israeli Ministry of Foreign Affairs, and said: “The State of Israel was not established to be an island in a hostile sea. As set out in the Declaration of Independence, Israel strives for good relations with our neighbours and peace in the region. Our treaties, with Egypt and Jordan, stand as witness to this strong desire and show our willingness to make painful compromises, if there is a real chance for peace and security, and I believe there is a real chance for peace and security.”

Dean of the Diplomatic Corps, Ambassador of Cameroon, Henry Etoundi Essomba, who also addressed the event, thanked the President and his wife for their warm welcome and hospitality, and expressed his warm wishes for all of Israel and the Jewish people for a happy new year. He spoke of the significant challenges the world has faced over the past year, and his hope for a better year to come. He said: “In this moment of celebration, we must also acknowledge the reality that the past year has been a challenging one for the entire world, with regard to security, economy, and humanitarian and ecological crises which have shaken the world throughout.”