There are two olympiads taking place in Israel: the Israeli MO (Gillis olympiad) and the Grosman Memorial MO.
The Grosman MO is the elder one, founded in 1961 by prof. Grosman, and is held at Technion University in Haifa. It consists of 6-7 problems.
The Israeli MO was founded in 1969 by Joseph Gillis, and takes place in late January or in February at Weizmann Institute in Rehovot. It used to consist of 7-10 problems, but since 1999 it consists of 5 problems for 4 hours. Nowadays 80-150 pupils take part, 4-8 of which are awarded a prize.
Israel at International Competitions
Israel has participated at IMO since 1979 and at Israel-Hungary MC since its foundation 1990. The team is selected through two or three selection tests. In the recent history, the best success of an Israeli team on an IMO is the 11-th place (shared) in 2000.