Intel's acquisition of Mobileye marks Israel as autonomous technology hub

Jerusalem

ISRAEL'S emergence as a centre for automotive technology got a vote of confidence on Monday when Intel Corp said that it would pay US$15 billion for Mobileye NV, a Jerusalem-based maker of chips and software for driverless cars. It will be the largest takeover of an Israeli tech firm and follows a series of deals and partnerships inked in recent years by major tech and car companies.

"The deal proves in a dramatic manner that our vision is coming true. Israel is becoming a global technology centre, not only in cyber, but also in the automotive area," Prime Minister Benjamin Netanyahu said in a text message. Israel had already singled out the automotive technology sector as a possible economic boon, allotting it 250 million shekels (S$96.4 million) for the next five years.