Intel invests $25 billion in Israel

Intel Corp. confirmed that it will invest a total of $25 billion in Israel after receiving incentives worth $3.2 billion from the country’s government. This comes after the Israeli government agreed to grant Intel Corp a grant amounting to $3.2 billion, which will go towards expanding the company’s chip manufacturing site in Kiryat Gat, south of Tel Aviv. The incentives amount to 12.8% of Intel’s planned investments, according to what the two sides announced yesterday, Tuesday. This represents the largest investment ever made by a company in Israel. This comes while Israel is still engaged in a war with the Palestinian resistance movement (Hamas). It also represents a major show of support by an American company and a generous offer by the Israeli government at a time when Washington has intensified its pressure on Israel to take more steps to reduce harm to civilians in Gaza. Intel shares rose 1.9% to $48.90 on Nasdaq before the market opened. The company’s expansion plan is located in Kiryat Gat, 42 kilometers from the Gaza Strip. Intel said in a statement that the expansion plan is “an important part of Intel’s efforts to create a more robust global supply chain, alongside the company’s existing and planned manufacturing investments in Europe and the United States.”