Jerusalem Mayor Moshe Lion, Keren Kayemeth LeIsrael - Jewish National Fund Chairman Danny Atar and Jewish Agency Isaac Herzog signed the agreements on Thursday.
The Binyanei HaUma (International Convention Center) project will cover 305 dunam of land with 163 dunam of public space, nine skyscrapers and 15 buildings over ten stories high. The site is also expected to house 2,000 new hotel rooms and bring 60,000 jobs to the city.
The project will cost about NIS 1.8 billion and will take about a decade to complete. The Binyanei HaUma center will be expanded as part of the project as well and is expected to become the largest convention center in the Middle East.
"These agreements are part of an expression of trust in the city and its economy, and this is another step in making the entrance to the city the new and largest business center in the country," said Lion. "I wish everyone a happy and healthy New Year. We will continue to develop industry and the economy in Jerusalem next year for the better."
"Along with the memory and preservation of its glorious history, we must always work for the development of Jerusalem, for its strengthening, for its transformation into one of the leading capitals in the world," said Atar. "In these days of peace, the need to preserve and build Jerusalem is growing, making it attractive for the millions of people who will soon come to visit it. In the current tenure, the JNF placed Jerusalem at the top of its priorities.
Atar added that the project "will make Jerusalem a tremendous economic growth engine that will attract immigrants, new residents, tourists and investors, who will provide tens of thousands of jobs and empower its residents."
Herzog stated that the Jewish Agency will "invest most of the proceeds from the deal to a standing fund that will ensure our activities for the Jewish people and the State of Israel in future generations, including: immigration to Israel, the fight against antisemitism and the strengthening of Israeli society as a whole."