Jerusalem is primarily known as a centre for three major religions. When you talk about the land of miracles, this is the town where amazing events are supposed to take place. What many people around the globe do not realise is that for over decade, the ‘Jerusalem Syndrome’ has come to represent something beyond prayer. The holy city has become an entrepreneurial hub, looking to emulate the Silicon Valleys in other countries.

On Monday this week, I attended another very exciting networking event of BioJerusalem. Shai Melcer organised an excellent programme, showing how start ups can succeed, even under the present economic climate.

What stunned me particularly was a map that Shai’s team had collated. It pinpointed the ‘life science ecosystem’ of the capital. Over one hundred companies are featured – and I myself know of at least three more – located primarily in three clusters. That is quite an amazing achievement when you consider the political, economic and religious pressures converging on the city planners.

And I can tell you that if you walk around these centres, they resonate a tremendous verve of activity and dynamism. To give one small example, consider Brainsway that has rapidly developed an international reputation for treating depression in a non-invasive manner. Its technology is now used by the American navy.

The week has also featured a number of articles on JVP. Set up back in 1993, this venture capital fund is situated in the former premises of the government mint, tucked away in the south eastern corner of the city. From simple beginnings, from its doors have emerged global animation sensations and some of the pioneers of the world’s cyber community.

JVP is currently sitting on a fund of around US$200m. It has launched many successes – the share issues of CyberArk on NASDAQ and the exit of Cy Active are but two examples.

Today, JVP has an full technology agreement with Alibaba, the Chinese giant’s first investment in Israel. And the Hebrew press is now reporting that Indian’s wealthiest person, Mukesh Ambani, intends to set up a US$30 million hub with JVP, which will concentrate on the ‘internet of things’. Unsurprisingly, Geektime voted JVP the best venture fund in Israel for 2016.

For years, Jerusalem was a back water city. The economy was supported by government offices and religious tourism. Those elements still feature. However, the Jerusalem of 2016 has taken a giant step forward into the modern world, a change that conservatives will find near impossible to reverse and a dynamic that global investors would be advised to understand urgently.