• Britain seizes Palestine from the Ottomans and gives support to a "national home for the Jewish people" in Palestine through the Balfour Declaration. 

  • Israel declares independence as the British mandate ends.

  • Israel's War of Independence ends with armistice agreements between Israel, Egypt, Jordan, Lebanon, and Syria; Israeli territory increases by 50%.

  • Israel, along with Britain and France, invades Egypt during the Suez Crisis to re-open the canal to Israeli shipping.

  • Israeli forces strike targets in Egypt, Jordan, and Syria in response to a buildup of Arab armies along Israel's border. Israel gains control of the Sinai Peninsula, the Golan Heights, the Gaza Strip, the West Bank, and East Jerusalem.

  • A new austerity program is implemented to tackle hyperinflation and stabilize Israel's currency.  Subsequently, a new currency, the New Israeli Shekel, introduced.  

  • Israeli and Palestinian leaders participate in an international conference in Annapolis, Maryland, and commit to launch negotiations towards the establishment of a Palestinian state in the West Bank and Gaza with a realization of peace.

  • Major offshore natural gas deposits are discovered. 

Sources:

BBC News open_in_new
Britannica open_in_new