December 23, 2014 | The multinational technology company Intel has promised to spend at least $550 million in Israel within the next five years. Intel signed a commitment to upgrade its Israeli-based factories and research and design outlets, injecting $6 billion to up the manufacture of its chips. The deal was officially announced on Sunday after Intel and the Ministry of the Economy’s Industrial Cooperation Authority officiated the deal. In return, Israel will receive two $300 million grants spread over a period of five years. The company has also agreed to hire at least 1,000 new employees in Israel, at least half of them being residents of communities in Southern Israel. Intel currently employees nearly 10,000 Israelis at its outfits in Israel, entering the Israeli market early on.