Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
Intel, which already employs nearly 13,000 staff in Israel, either directly or through its autonomous technology subsidiary Mobileye, has announced a major expansion the government values at some $10 billion dollars/AFP-File


Intel announces Israel expansion government values at $10 bn

Intel already employs nearly 13,000 staff in Israel, either directly or through its autonomous technology subsidiary Mobileye/AFP-File

JERUSALEM, Israel, Jan 29 – Intel said Tuesday it is expanding its operations in Israel, where government ministers said the US computer chipmaker will invest some 10 billion dollars in a new plant.

“Intel today announced it will submit a business plan to the government of Israel for continued investment in the company’s Kiryat Gat manufacturing site,” a statement from Intel’s Israeli representatives said.

Finance Minister Moshe Kahlon said late Monday he was informed by Intel of their decision “to invest another 40 billion shekels, an unprecedented decision expected to bring thousands of jobs to the south.”

Economy Minister Eli Cohen said Intel had chosen to “build its most advanced plant here in Israel.”

Last year, Intel had already decided on a $5 billion upgrade to the site in Kiryat Gat, a small city in southern Israel.

In 2017, Intel closed a $15 billion deal to buy Israeli autonomous technology firm Mobileye, the country’s biggest cross-border high-tech deal ever.

The Silicon Valley giant currently employs 11,700 people in Israel in its Kiryat Gat plant and development centres across the country, in addition to 1,170 Mobileye staff.

Intel’s exports from Israel reached $4 billion in 2018, according to the company.

Click to comment

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...