The origins of Kardan go back to the mid 1990’s when the company started focusing its activities on Emerging Markets based on the belief that these markets would show superior economic growth compared to developed markets. The growing middle class of these countries would consequently lead to an increasing demand for housing, offices, shopping centers, clean water and financial services, among other things. Accordingly, Kardan started its Central and Eastern European Real Estate activities in 1994 by founding Globe Trade Centre S.A. – listed on the Warsaw Stock exchange in 2004 – of which Kardan sold its final remaining stake in November 2013. In 2005 Kardan initiated its real estate activities in China (Kardan Land China). Kardan Land China focuses on mixed use projects of which Europark Dalian is the most prominent. It offers consumers and individuals a comprehensive lifestyle concept: a complete shopping and leisure area combined with luxury and business apartments situated in a green setting connected to the city’s new subway line. The water activities of Kardan predominantly take place in emerging markets worldwide through its subsidiary Tahal Group International. Tahal offers high quality integrated customized and sustainable solutions for one of the most critical challenges the world faces today: providing water and food to people in need. Tahal’s former subsidiary Kardan Water International Group (developing, constructing and managing water assets in China) was sold at the beginning of 2015. Kardan also held retail banking and lending operations in Bulgaria and Romania, through TBIF Financial Services. Kardan sold TBIF in 2016 and still holds some smaller financial services activities. The Company is listed on the Tel Aviv Stock Exchange.