International company Freij Entertainment, which built the London Eye and the world's largest mobile rides in Hong Kong, New York, Paris and other cities, will erect the Tel Aviv Ferris wheel as well.
The wheel will be 80 meters (263 feet) tall and will include 42 sealed and air-conditioned passenger capsules, which can hold up to six people each.
In the capsules, passengers will be able to watch videos about the history of the first Hebrew port. Those wishing to upgrade the experience will be able to use one of the wheel's two VIP compartments and enjoy a meal from one of the port's restaurants.
"A Ferris wheel is one of those recreational activities which is popular among all people, of every age, and we are excited to be bringing it to the Israeli audience," says Iris Baratz, CEO of the Otzar Mifalei Yam company, which operates the Tel Aviv Port.