Reportedly, Intel Corporation (INTC) is set to invest another $600 million in Israel for the expansion of its research and development (R&D) and it will also spend $10 billion on a new chip plant. The company to invest $400 million to turn its Mobileye unit into an R&D campus for developing self-driving car technologies, headquartered in Jerusalem. Another $200 million to be invested in building an R&D center, called IDC12 in the northern port city of Haifa next to its current development center. Intel informed that the “mega chip design” facility will have a capacity of 6,000 employees.
Intel Chief Executive Pat Gelsinger, on his first European tour since taking charge of the company in February, stated “a vibrant future for Intel and Israel for decades to come”.
Intel bought three Israeli tech companies including, Mobileye in 2017 for more than $15 billion, Moovit for $1 billion a year ago, and in 2019 artificial intelligence chipmaker Habana for $2 billion. Intel employs nearly 14,000 workers in Israel’s high-tech industry.
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