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# EXHIBIT 12.1

| | I,
Shimon Yitzhaki, certify that:
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|1. | I
have reviewed this annual report on Form 20-F of Elbit Imaging Ltd.;
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|2. | Based
on my knowledge, this report does not contain any untrue statement of a
          material fact or omit to state a material fact necessary to make the statements
          made, in light of the circumstances under which such statements were made, not
          misleading with respect to the period covered by this report;
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|3. | Based
on my knowledge, the financial statements, and other financial information
          included in this report, fairly present in all material respects the financial
          condition, results of operations and cash flows of the registrant as of, and
          for, the periods presented in this report;
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|4. | The
registrants other certifying officer and I are responsible for
          establishing and maintaining disclosure controls and procedures (as defined in
          Exchange Act Rules 13a- 15(e) and 15d-15(e)) and internal control over
financial           reporting (as defined in Exchange Act Rules 13a- 15(f) and 15d-15(f))
for the           registrant and have:
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| | (a) | Designed
such disclosure controls and procedures, or caused such disclosure
                    controls and procedures to be designed under our supervision, to
ensure that                     material information relating to the registrant,
including its consolidated                     subsidiaries, is made known to us by
others within those entities, particularly                     during the period in which
this report is being prepared;
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| | (b) | Designed
such internal control over financial reporting, or caused such internal
                    control over financial reporting to be designed under our
supervision, to                     provide reasonable assurance regarding the
reliability of financial reporting                     and the preparation of financial
statements for external purposes in accordance                     with generally
accepted accounting principles;
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| | (c) | Evaluated
the effectiveness of the registrants disclosure controls and
                    procedures and presented in this report our conclusions about the
effectiveness                     of the disclosure controls and procedures as of the end
of the period covered by                     this report based on such evaluation; and
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| | (d) | Disclosed
in this report any change in the resistants internal control
                    over financial reporting that occurred during the period covered by
the annual                     report that has materially affected, or is reasonably
likely to materially                     affect, the registrants internal control
over financial reporting; and
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|5. | The
registrants other certifying officer and I have disclosed, based on           our
most recent evaluation of internal control over financial reporting, to the
          registrants auditors and the audit committee of registrants board
of           directors (or persons performing the equivalent functions):
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| | (a) | All
significant deficiencies and material weaknesses in the design or operation
                    of internal control over financial reporting which are reasonably
likely to                     adversely affect the registrants ability to record,
process, summarize and                     report financial information; and
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| | (b) | Any
fraud, whether or not material, that involves management or other employees
                    who have a significant role in the registrants internal control
over                     financial reporting.
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Date: June 25, 2009

| | /s/ Shimon
Yitzhaki Shimon Yitzhaki President
and Chief Executive Officer
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