Tel Aviv-Yafo is a major city in Israel, located on the countrys Mediterranean coastline. It is the financial center and the technology hub of Israel, with a population of, making it Israels second-largest city. Tel Aviv is the largest city in the Gush Dan region of Israel. Tel Aviv is also a focal point in the high-tech concentration known as the Silicon Wadi. Tel Aviv is governed by the Tel Aviv-Yafo Municipality, headed by Ron Huldai, and is home to many foreign embassies. The city was founded in 1909 by Jewish immigrants on the outskirts of the ancient port city of Jaffa. It is named after the Hebrew translation of Theodor Herzls 1902 novel, Altneuland, meaning "Old New Land". The modern citys first neighbourhoods had already been established in 1886, the first being Neve Tzedek.