Download Our App

Follow us

Intel Announces $25 Billion Investment for New Israeli Factory, According to Prime Minister Netanyahu

Prime Minister Netanyahu: Intel to Establish $25 Billion State-of-the-Art Factory in Israel

Intel, the US chipmaker, has made a groundbreaking announcement regarding a significant investment in Israel. Prime Minister Benjamin Netanyahu revealed that Intel plans to construct a state-of-the-art factory in Kiryat Gat, which will involve a whopping $25 billion expenditure. This is being hailed as the largest-ever international investment in Israel and is expected to contribute significantly to the country’s economy.

According to Israel’s Finance Ministry, the new factory is scheduled to commence operations in 2027 and will continue functioning until at least 2035. The facility is projected to generate employment opportunities for thousands of individuals. As part of the agreement, Intel has agreed to a higher tax rate of 7.5%, as opposed to the current 5%.

Intel has been a major player in Israel’s tech landscape for almost fifty years, emerging as the country’s foremost private employer, exporter, and a driving force in the local electronics and information industry. In 2017, Intel made a momentous acquisition of Mobileye Global Inc, an Israel-based company specializing in advanced driver-assistance systems, for a staggering $15 billion. Last year, Intel successfully led Mobileye’s initial public offering.

In a televised address to the cabinet, Prime Minister Netanyahu hailed this investment as an extraordinary accomplishment for the Israeli economy. He emphasized that this landmark deal, totaling 90 billion shekels, solidifies it as the largest-ever investment made by an international corporation in Israel. With Intel’s commitment, Israel’s technological prowess and economic prospects receive a substantial boost.

Intel, the US chipmaker, has made a groundbreaking announcement regarding a significant investment in Israel. Prime Minister Benjamin Netanyahu revealed that Intel plans to construct a state-of-the-art factory in Kiryat Gat, which will involve a whopping $25 billion expenditure. This is being hailed as the largest-ever international investment in Israel and is expected to contribute significantly to the country’s economy.

According to Israel’s Finance Ministry, the new factory is scheduled to commence operations in 2027 and will continue functioning until at least 2035. The facility is projected to generate employment opportunities for thousands of individuals. As part of the agreement, Intel has agreed to a higher tax rate of 7.5%, as opposed to the current 5%.

Intel has been a major player in Israel’s tech landscape for almost fifty years, emerging as the country’s foremost private employer, exporter, and a driving force in the local electronics and information industry. In 2017, Intel made a momentous acquisition of Mobileye Global Inc, an Israel-based company specializing in advanced driver-assistance systems, for a staggering $15 billion. Last year, Intel successfully led Mobileye’s initial public offering.

In a televised address to the cabinet, Prime Minister Netanyahu hailed this investment as an extraordinary accomplishment for the Israeli economy. He emphasized that this landmark deal, totaling 90 billion shekels, solidifies it as the largest-ever investment made by an international corporation in Israel. With Intel’s commitment, Israel’s technological prowess and economic prospects receive a substantial boost.

Also read this article: A maritime incident occurred when a ferry in the Philippines caught fire while sailing on the open sea. Fortunately, all 120 individuals on board were successfully rescued.


Leave a Comment

RELATED LATEST NEWS

Latest News