may have two and a half stories added, while those on Ibn Gabirol Street might be extended by seven and a half stories. Economy Tel Aviv has been ranked as the twenty-fifth most important financial center in the world. In 1926, the country's first shopping arcade, Passage Pensak, was built there. By 1936, as tens of thousands of middle class immigrants arrived from Europe, Tel Aviv was already the largest city in Palestine. A small port was built at the Yarkon estuary, and many cafes, clubs and cinemas opened. Herzl Street became a commercial thoroughfare at this time. Economic activities account for 17 percent of the GDP. In 2011, Tel Aviv had an unemployment rate of 4.4 percent. The city has been described as a "flourishing technological center" by Newsweek and a "miniature Los Angeles" by The Economist. In 1998, the city was described by Newsweek as one of the 10 most technologically influential cities in the world. Since then, high-tech industry in the Tel Aviv area has continued to develop. The Tel Aviv metropolitan area (including satellite cities such as Herzliya and Petah Tikva) is Israel's center of high-tech, sometimes referred to as Silicon Wadi. Tel Aviv is home to the Tel Aviv Stock Exchange (TASE), Israel's only stock exchange, which has reached record heights since the 1990s. The Tel Aviv Stock exchange has also gained attention for its resilience and ability to recover from war and disasters. For example, the Tel Aviv Stock Exchange was higher on the last day of both the 2006 Lebanon war and the 2009 Operation in Gaza than on the first day of fighting. Many international venture-capital firms, scientific research institutes and high-tech companies are headquartered in the city. Industries in Tel Aviv include chemical processing, textile plants and food manufacturers. In 2016, the Globalization and World Cities Study Group and Network (GaWC) at Loughborough University reissued an inventory of world cities based on their level of advanced producer services. Tel Aviv was ranked as an alpha- world city. The Kiryat Atidim high tech zone opened in 1972 and the city has become a major world high tech hub. In December 2012, the city was ranked second on a list of top places to found a high tech startup company, just behind Silicon Valley. In 2013, Tel Aviv had more than 700 startup companies and research and development centers, and was ranked the