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Intel Invests Additional $15 Billion In Israeli Chip Facility

Intel’s huge investment comes in addition to the $10 billion already committed by the well-known processor company back in 2019.

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2 years ago

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intel invests additional $15 billion in israeli chip facility
Intel

On Sunday, Israel’s Ministry of Finance announced that the country had reached a new agreement with processor giant Intel that will see $25 billion of investment go towards an updated chip-making facility in Kiryat Gat.

The investment adds another $15 billion on top of the $10 billion earmarked for the proposed factory back in 2019, after the global COVID pandemic delayed construction. The new facility will be significantly more advanced than in the original plans, forming part of a larger production site known as Megafab.

Intel hasn’t yet commented directly on the investment details, but a press release was quick to praise Israeli expertise: “Israel is a global center of technical talent and innovation and one of Intel’s significant global manufacturing and R&D centers. Since its establishment in 1974, Intel Israel has played a crucial role in Intel’s global success. Our intention to expand manufacturing capacity in Israel is driven by our commitment to meeting future manufacturing needs and supporting Intel’s IDM 2.0 strategy, and we appreciate the continued support of the Israeli government”.

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Formal approval of the new agreement is expected to happen in a few weeks as Intel ramps up its international efforts to expand worldwide production capacity. According to a press release from the Israeli finance ministry, thousands of additional technicians will be required in Kiryat Gat, with Intel offering higher wages than the industry average. Additionally, the processor company has agreed to increase its tax obligations from 5% to 7.5%. Intel aims to close the investment deal and commence plant operations by 2027, operating the complex until at least 2035.

As manufacturers like Apple opt to develop their own processor architectures, Intel increasingly needs to adapt to a changing global market worth trillions of dollars. The company’s recent investment in Israel comes shortly after announcing a $4.6 billion deal to build a chip assembly and testing facility in Warsaw, Poland, and joins existing manufacturing facilities in Ireland and Germany.

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UAE Prepares To Launch Two Satellites: Thuraya-2 And MBZ-SAT

HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum chaired the first meeting of the Supreme Space Council yesterday.

Published

5 days ago

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December 17, 2024

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uae prepares to launch two satellites thuraya-2 and mbz-sat

HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Deputy Prime Minister of the UAE, chaired the first meeting of the Supreme Space Council in Dubai on December 16, 2024. The session highlighted the UAE’s ambitious space plans and took stock of the sector’s economic progress.

The council emphasized the growing role of private companies in advancing space technologies, noting that their contributions are now equal to that of the public sector. Members also praised initiatives like the Space Economic Zones Programme, which are designed to fuel innovation and investment in the space industry.

Discussing the UAE’s space journey, HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum remarked, “The national space sector continues to grow and advance, and we take immense pride in the remarkable achievements we have accomplished over the years”.

Sheikh Hamdan also received updates on two upcoming satellite projects: Thuraya-2 and MBZ-SAT. Thuraya-2, developed by Space42, is slated for launch this December. Meanwhile, the MBZ-SAT, created by the Mohammed Bin Rashid Space Centre (MBRSC), will soon follow. MBRSC, a major driver of the UAE National Space Programme, continues to lead the nation’s space-related developments.

Space42 took the opportunity to showcase its advancements, including ongoing collaborations between public and private entities. The company also outlined strategies to promote innovation, boost revenue streams, and create new opportunities for growth in the sector.

Also Read: IBM Opens New Doha Office To Support Qatar’s Digital Growth

The UAE’s current projects build on a growing legacy of space exploration. Back in 2020, the nation made headlines with its Mars mission, successfully sending a probe into the planet’s orbit in 2021. This mission, which is now in its second phase as of June 2024, has been collecting critical data to develop a comprehensive diurnal image of Mars.

The UAE also ventured into lunar exploration with an unmanned mission aimed at studying untouched regions of the Moon’s surface. While the probe ultimately crashed during its landing attempt after communication was lost seconds before touchdown, the effort represented a significant step in the country’s exploration ambitions.

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