Indeed, there is.
The Israeli work week is based around the Sabbath, or day of rest, which runs from Friday evening until Saturday evening. Many places like malls, businesses, offices, and restaurants are closed during this 24hr time-period.
However, you will likely find cafes, restaurants, corner stores, or grocery shops that open on Saturdays, especially in Tel Aviv. Public transportation is also unavailable during this time-period every week, except for the monit sheruts, which run 24/7, 7 days a week.
The same extensive business closures apply to Jewish holidays, most notably Yom Kippur, which normally falls around the end of September or early October. During this holiday, everything is closed and even cars will not drive for a period of 24 hours.