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|UNITED STATES                     
|SECURITIES AND EXCHANGE COMMISSION
|                                  
|WASHINGTON, D.C. 20549            
|                                  
|FORM 20-F/A(Amendment No. 2)      

|           |                                                                                                 
|---------- | ------------------------------------------------------------------------------------------------
|(Mark One)
|o          | REGISTRATION STATEMENT
  PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
|           | OR                                                                                              
|x          | ANNUAL REPORT PURSUANT TO
  SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934          
|           | For the fiscal year endedDecember 31,
2007                                                      
|           | OR                                                                                              
|o          | TRANSITION REPORT PURSUANT
  TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934      
|           | For the transition period
  from __________ to __________                                       
|           | OR                                                                                              
|o          | SHELL COMPANY REPORT
  PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934   
|           | Date of event requiring
  this shell company report _____________                               

Commission file number 0-28996

|                                                                                         
|-----------------------------------------------------------------------------------------
|                                                                                         
|ELBIT IMAGING
  LTD.                                                                     
|(Exact Name of registrant as specified in its charter)                                   
|                                                                                         
|ISRAEL                                                                                   
|(Jurisdiction of incorporation or organization)                                          
|                                                                                         
|2 Weitzman St., TEL-AVIV 64239, ISRAEL                                                   
|(Address of principal executive offices)                                                 
|                                                                                         
|Shimon Yitzhaki                                                                          
|Tel: 972-3-6086000                                                                       
|Fax: 972-3-6086050                                                                       
|2 Weitzman St. Tel
  Aviv, Israel                                                        
|(Name, Telephone, E-Mail and/or Facsimile Number
  and Address of Company Contact Person)
|                                                                                         
|Securities registered or to be registered pursuant to Section 12(b)
  of the Act:        

|                                                |  |                                           
|----------------------------------------------- |  | ------------------------------------------
|Title of each class:                            |  | Name of each exchange on which registered:
|ORDINARY SHARES, NIS 1.0 PAR 
  VALUE PER SHARE |  | NASDAQ GLOBAL SELECT MARKET               

|                                                                                              
|----------------------------------------------------------------------------------------------
|                                                                                              
|Securities registered or to be registered
  pursuant to Section 12(g) of the Act:             
|NONE                                                                                          
|                                                                                              
|                                                                                              
|Securities
  for which there is a reporting obligation pursuant to Section 15(d) of the
  Act:
|NONE                                                                                          
|                                                                                              

Indicate the number of
outstanding shares of each of the issuers classes of capital or common stock
as of the close of the period covered by the annual report: 25,454,703  ordinary
shares, NIS 1.0 par value per share excluding 2,800,000 ordinary shares held by
Elbit Imaging Ltd. which do not have any voting and equity rights.

Indicate by check mark if the
registrant is a well known seasoned issuer, as defined in Rule 405 of the Securities
Act.YES o  NO x

If this report is an annual
or transition report, indicate by check mark if the registrant is not required
to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934. YES o   NO x

Indicate by check mark
whether the registrant (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding
12 months (or for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing requirements for the
past 90 days: YES x   NO o

Indicate by check mark
whether the registrant is a large accelerated filer, an accelerated filer, or a
non-accelerated filer. See definition of accelerated filer and large
accelerated filer in Rule 12b-2 in the Exchange Act. (Check one).

|                            |                       |                          
|--------------------------- | --------------------- | -------------------------
|Large
  Accelerated Filer o | Accelerated
  Filer x | Non-Accelerated
  Filer o

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Indicate by check mark which
basis of accounting the registrant has used to prepare the financial statements
included in this filing:

|  |                                                                                                        
|- | -------------------------------------------------------------------------------------------------------
|o | U.S. GAAP                                                                                              
|  |                                                                                                        
|x | International Financial
  Reporting Standards as issued by the International Accounting Standards Board
|  |                                                                                                        
|o | Other                                                                                                  

If Other has been checked
in response to the previous question, indicate by check mark which financial
statement item the registrant has elected to follow:


|          |          
|--------- | ---------
|o Item 17 | o Item 18

If this is an annual report
indicate by check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act: YES
o NO x



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# EXPLANATORY NOTE

This
Amendment No. 2 on Form 20-F/A (the Amendment) to our annual report on
Form 20-F for the fiscal year ended December 31, 2007, as filed with the Securities and
Exchange Commission (the Commission) on June 30, 2008 (as amended on July 2,
2008) (the Form 20-F), is being filed solely for the purpose of filing consent
letters from professional advisors that we relied upon in the preparation of our
consolidated financial statements for the years ended December 31, 2006 and 2007. This
Amendment includes, (i) as Exhibit 15.3 to the Form 20-F, a table with a list of all such
consent letters, detailing the nature of the professional advice and a reference to the
part of our consolidated financial statements for the years ended December 31, 2006 and
2007 to which it relates; and (ii) as Exhibits 15.4 through 15.8 to the Form 20-F, the
consent letters themselves.

Therefore,
this Amendment consists of a cover page, this explanatory note, a revised list of exhibits
(Item 19 of Part III), a signature page and the new Exhibits.

This
Amendment speaks as of the date of the initial filing of the Form 20-F. Other than as
described above, this Amendment does not, and does not purport to, amend, update or
restate any other information or disclosure included in the Form 20-F and does not, and
does not purport to, reflect any events that have occurred after the date of the initial
filing of the Form 20-F. As a result, our annual report on Form 20-F for the fiscal year
ended December 31, 2007, as amended by this Amendment, continues to speak as of the
initial filing date of the Form 20-F.

# PART III

|ITEM 19. |  | EXHIBITS
|-------- |  | --------

|1.1 |  | Memorandum
of Association of the Company (incorporated by reference to exhibit of the Registrants
Annual Report on Form 20-F, File No. 0-28996, filed with the Securities and Exchange
Commission on November 22, 1996).
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|1.2* |  | Amended
and restated Articles of Association of the Company and free translation of Certificate
regarding change of Company name from Elbit Medical Imaging Ltd. to Elbit Imaging Ltd,
dated November 15, 2007.
|---- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|1.3* |  | Unofficial
translation from the Hebrew Language of Certificate of change of name of a company.
|---- |  | ----------------------------------------------------------------------------------------------

|4.1 |  | Unofficial
translation from the Hebrew Language of Agreement for the provision of consultancy
services for the development of real estate projects, signed on May 31, 2006 by and
between EI and Control Centers (incorporated by reference to exhibit of the Registrants
Annual Report on Form 20-F, File No. 000-28996, filed with the Securities and Exchange
Commission on November 22, 1996).
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|4.2 |  | Unofficial
translation from the Hebrew Language of summary of a Share sale agreement by ELS Trust
Ltd. and Elsicnt Ltd. with Manofim Finances for Israel (Mapal) Ltd., dated June 14, 2007,
for the sale of the Arena commercial and entertainment center in Israel (incorporated by
reference to exhibit of the Registrants Annual Report on Form 20-F, File No.
0-28996, filed with the Securities and Exchange Commission on November 22, 1996).
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|4.3 |  | A
form of Hotel Management Agreement entered into with Park Plaza (incorporated by
reference to exhibit of the Registrants Annual Report on Form 20-F for the year
ended December 31, 2005, File No. 0-28996, filed with the Securities and Exchange
Commission on June 30, 2006).
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|4.4 |  | Framework
transaction agreement dated of July 29, 2005 by and among Klepierre S.A., Klepierre
Sadyba Sp.z.o.o, Klepierre Krakow Sp.z.o.o., Klepierre Poznan Sp.z.o.o., LP7 S.A.S and
Segece S.C.S, as buyers and Plaza Centers (Europe) B.V., as vendor (incorporated by
reference to exhibit of the Registrants Annual Report on Form 20-F for the year
ended December 31, 2005, File No. 0-28996, filed with the Securities and Exchange
Commission on June 30, 2006).
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|4.5* |  | Agreement
by and among Symmetry Arena Ingatlankezelo Kft. And Plaza Centers N.V dated July 10, 2007
and the addendum to that certain transaction agreement dated July 10, 2007.
|---- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|4.6* |  | Unofficial
translation from the Hebrew language of a deed of trust entered into between Plaza
Centers N.V.                 and Reznik Paz Nevo dated January 31, 2008 and Amendment No.
1 to such deed of trust dated February 17, 2008.
|---- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|4.7 |  | Employees,
Directors and Offices Incentive Plan of 2001 (incorporated by reference to exhibit of the
Registrants Registration Statement on Form S-8, File No. 333-117509, filed with the
Securities and Exchange Commission on July 20, 2004).
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|4.8 |  | Employees,
Directors and Offices Incentive Plan of 2006 (incorporated by reference to exhibit of the
Registrants Registration Statement on Form S-8, File No. 333-136684, filed with the
Securities and Exchange Commission on August 16, 2006).
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|4.9 |  | A
form of deed of indemnification and exemption used by the Company from November 1, 2007
(incorporated by reference to exhibit of the Registrants Report on Form 6-K, File
No. 000-28996, filed with the Securities and Exchange Commission on September 6, 2007).
|--- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

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|4.10* |  | Unofficial
translation from the Hebrew language of a form of deed of indemnification and exemption
used by the Company before November 1, 2007.
|----- |  | -----------------------------------------------------------------------------------------------------------------------------------------------

|4.11* |  | Plaza
Centers N.V. Indemnity agreement.
|----- |  | ---------------------------------------

|8.1* |  | List
of subsidiaries.
|---- |  | ---------------------

|11.1 |  | Code
of Ethics and Business Conduct for Directors, Officers and Other Employees (incorporated
by reference to exhibit of the Registrants Annual Report on Form 20-F for the year
ended December 31, 2005, File No. 0-28996, filed with the Securities and Exchange
Commission on June 30, 2006).
|---- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|12.1* |  | Certification
of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|----- |  | -------------------------------------------------------------------------------------------------------

|12.2* |  | Certification
of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|----- |  | -------------------------------------------------------------------------------------------------------

|12.3*** |  | Certification
of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|------- |  | -------------------------------------------------------------------------------------------------------

|12.4*** |  | Certification
of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|------- |  | -------------------------------------------------------------------------------------------------------

|13.1* |  | Certification
of the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|----- |  | -------------------------------------------------------------------------------------------------------

|13.2* |  | Certificate
of the Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of
2002.
|----- |  | ---------------------------------------------------------------------------------------------------------

|15.1* |  | Consent
of Brightman Almagor & Co.
|----- |  | ----------------------------------

|15.2** |  | Consent
of KPMG Hungaria Kft.
|------ |  | -----------------------------

|15.3*** |  | Table
of advisors relied upon in the consolidated financial statements for the years ended
December 31, 2006 and December 31, 2007
|------- |  | ----------------------------------------------------------------------------------------------------------------------------------

|15.4*** |  | Consent
of King Sturge International Property Consultants
|------- |  | ---------------------------------------------------------

|15.5*** |  | Consent
of Financial Immunities Ltd.
|------- |  | ------------------------------------

|15.6*** |  | Consent
of Financial Immunities Ltd.
|------- |  | ------------------------------------

|15.7*** |  | Consent
of BDO Ziv Haft Consulting and Management Ltd.
|------- |  | ------------------------------------------------------

|15.8*** |  | Consent
of BDO Ziv Haft Consulting and Management Ltd.
|------- |  | ------------------------------------------------------

|15.9*** |  | Consent
of BDO Ziv Haft Consulting and Management Ltd.
|------- |  | ------------------------------------------------------

|* | Previously
filed with the original Form 20-F, filed with the Commission on June 30, 2008.
|- | -----------------------------------------------------------------------------------------

|** | Previously
filed with Amendment no. 1 to our Form 20-F, filed with the Commission on Form 20-F/A on
July 2, 2008.
|-- | -----------------------------------------------------------------------------------------------------------------

|*** | Filed
herewith.
|--- | ---------------



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# SIGNATURES

The
Registrant hereby certifies that it meets all of the requirements for filing on Form 20-F
and that it has duly caused and authorized this Amendment No. 2 to be signed on its behalf
by the undersigned.

| |  | Elbit Imaging Ltd.By: /s/ Shimon Yitzhaki
Shimon YitzhakiPresident
| |  | --------------------------------------------------------------------------------

Date: November 17, 2008



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