Dec 20 Form 4

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 FORM 4                                   UNITED STATES SECURITIES AND EXCHANGE COMMISSION                       OMB APPROVAL
-------                                                Washington, D.C. 20549                            ---------------------------
[ ]Check this box if no longer subject to                                                                OMB Number:      3235-0287
   Section 16.  Form 4 or Form 5                                                                         Expires:   January 31, 2005
   obligations may continue.  See           STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP                 Estimated average burden
   Instruction 1(b).                                                                                     hours per response.... 0.5

                               Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
                                   Section 17(a) of the Public Utility Holding Company Act of 1935
                                       or Section 30(h) of the Investment Company Act of 1940
(Print or Type Responses)
1. Name and Address of Reporting Person*    2. Issuer Name and Ticker or Trading Symbol       6. Relationship of Reporting Person(s)
                                               Ampal-American Israel Corporation                 to Issuer (Check all applicable)
   Y.M. Noy Investments Ltd.                   Nasdaq Symbol: AMPL                            ___ Director      _X_ 10% Owner
------------------------------------------  ---------------------------------------------     ___ Officer (give ___ Other (Specify
  (Last)          (First)         (Middle)  3. IRS Identification   4. Statement for              title below)      below)
                                               Number of Reporting     Month/Day/Year
33 Havazelet Hasharon Street                   Person, if an entity    12/18/02
------------------------------------------     (voluntary)          ---------------------------------------------------------------
                 (Street)
                                                                    5. If Amendment, Date of  7. Individual or Joint/Group Filing
Herzliya          Israel           46105                               Original (Month/Day/      (Check Applicable Line)
------------------------------------------                             Year)                  ___ Form filed by One Reporting Person
  (City)          (State)          (Zip)                                                      _X_ Form filed by More than One
                                                                                                  Reporting Person

                                            Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

                                                                                          5. Amount of
                                         2A.                                                 Securities
                                         Deemed   3. Trans-    4. Securities Acquired (A)    Beneficially
                              2. Trans-  Exe-        action       or Disposed of (D)         Owned        6. Ownership
                                 action  cution       Code        (Instr. 3, 4 and 5)        Following       Form:     7. Nature of
                                 Date    Date,       (Instr.     ------------------------    Reporting       Direct(D)    Indirect
                                (Month/  if any       8)                   (A)               Transaction(s)  or           Beneficial
1.  Title of Security            Day/    (Month/    ----------             or                (Instr.         Indirect(I)  Ownership
    (Instr.3)                    Year)   Day/Year)   Code   V     Amount   (D)   Price        3 and 4)       (Instr. 4)   (Instr. 4)
----------------------------- ---------  ---------  ----------   --------  ---  --------   ------------     -----------   ----------

Class A Stock                  12/18/02              P(1)(2)         100    A    $2.60                           D
Class A Stock                  12/18/02              P(1)          2,200    A    $2.69                           D
Class A Stock                  12/19/02              P(1)          2,300    A    $2.69        11,601,232         D

(1)  The purchases reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by
     the Reporting Person on October 14, 2002.
(2)  Yosef A. Maiman, the Chairman of the Board of the Issuer, owns 100% of the economic shares and
     one-third of the voting shares of the Reporting Person.  In addition, Mr. Maiman holds an option to acquire
     the remaining two-thirds of the voting shares of the Reporting Person, which are currently owned by Ohad
     Maiman and Noa Maiman, the son and daughter, respectively, of Mr. Maiman.

Reminder:  Report on a separate line for each class of securities beneficially owned directly or indirectly.                  (Over)
* If this form is filed by more than one reporting person, see Instruction 4(b)(v).                                  SEC 1474 (9-02)

                                          Persons who respond to the collection of information contained
                                          in this form are not required to respond unless the form displays
                                          a currently valid OMB control number


                   Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
                                (e.g., puts, calls, warrants, options, convertible securities)
                                                                                                                     6. Date
                                                                                                                        Exercisable
                                                                                                                        and
                                     2. Conver-               3A. Deemed                   5. Number of Deriv-          Expiration
                                        sion or    3. Trans-      Execution  4. Trans-        ative Securities          Date (Month/
                                        Exercise      action      Date, if      action        Acquired (A) or           Day/Year)
                                        Price of      Date        any           Code          Disposed of (D)        ---------------
                                        Deriv-        (Month/     (Month/      (Instr. 8)     (Instr. 3, 4, and 5)   Date     Expir-
1. Title of Derivative Security         ative         Day/        Day/       -----   ----  -----------------------   Exercis- ation
   (Instr. 3)                           Security      Year)       Year)      Code     V         A          D         able     Date
--------------------------------     -----------   ---------- -------------  ------------  ----------- -----------   -------- ------


                                                                          9. Number of
                                                                             Derivative   10. Ownership
                                                                             Securities       Form of
                                                                             Beneficially     Derivative
                        7. Title and Amount of Underlying                    Owned            Security
                           Securities (Instr. 3 and 4)                       Following        Direct       11. Nature of
                        ---------------------------------  8. Price of       Reported         (D) or           Indirect
                                                Amount or     Derivative     Trans-           Indirect         Beneficial
1. Title of Derivative          Title           Number of     Security       action(s)        (I)              Ownership
   Security (Instr. 3)                          Shares        (Instr. 5)     (Instr. 4)       (Instr. 4)       (Instr. 4)
----------------------  --------------------    ---------  -------------  -------------   --------------   --------------

Explanation of Responses
                                                                                /s/ Yosef A. Maiman                     12/20/02
**Intentional misstatements or omissions of facts constitute                    -------------------------------   ------------------
  Federal Criminal Violations.  See 18 U.S.C. 1001 and                          **Signature of Reporting Person          Date
  15 U.S.C. 78ff(a).                                                            Yosef A. Maiman
                                                                                Chairman of Board of Directors
Note:  File three copies of this Form, one of which must be manually signed.    (on behalf of Y.M. Noy Investments Ltd.)
       If space provided is insufficient, see Instruction 6 for procedure.


Potential persons who are to respond to the collection of information contained in this form are not
required to respond unless the form displays a currently valid OMB Number.


                        Joint Filer Information


1.   Name:                          Yosef A. Maiman

2.   Address:                       33 Havazelet Hasharon Street
                                    Herzliya, Israel 46105

3.   Designated Filer:              Y. M. Noy Investments Ltd.

4.   Issuer & Ticker Symbol:        Ampal-American Israel Corporation
                                    (AMPL)

5.   Date of Event Requiring Statement: December 18, 2002


    /s/ Yosef A. Maiman                           12/20/02
--------------------------------               -------------
Yosef A. Maiman                                    Date


                        Joint Filer Information

1.    Name:                         Ohad Maiman

2.    Address:                      33 Havazelet Hasharon Street
                                    Herzliya, Israel 46105

3.    Designated Filer:             Y.M. Noy Investments Ltd.

4.    Issuer & Ticker Symbol:     Ampal-American Israel Corporation
                                    (AMPL)

5.    Date of Event Requiring Statement: December 18, 2002


  /s/ Ohad Maiman                                12/20/02
------------------------                       ------------
Ohad Maiman                                       Date


                        Joint Filer Information

1.     Name:                        Noa Maiman

2.     Address:                     33 Havazelet Hasharon Street
                                    Herzliya, Israel 46105

3.     Designated Filer:            Y.M. Noy Investments Ltd.

4.     Issuer & Ticker Symbol:     Ampal-American Israel Corporation
                                    (AMPL)

 5.    Date of Event Requiring Statement: December 18, 2002


  /s/ Noa Maiman                                  12/20/02
---------------------                          ----------------
Noa Maiman                                          Date