Note the names of the streets: 5 Iyar and 1948. The 5th of Iyar 1948 is Independence Day - the day of the establishment of the State of Israel, and the intersection of the streets is located in Kikar Hamedina (The state square).
This sign like other signs of the same type, illuminated at night. See a photograph of this junction made in 2017 Click for a larger image
The sign is similar to another sign in the same city, but the second sign shows the street name in Arabic instead of the house numbers in the street section and the next intersection name Click for sign's details