Israel is set to significantly bolster its construction sector by introducing approximately 70,000 foreign workers from various countries, including Sri Lanka, India, Thailand and others. This strategic move comes in response to the stagnation faced by the industry following the Oct. 7 Hamas attack, as reported by a major Israeli financial daily citing a government official.
Read more: Israel Set To Permanently Cut The Cord Of Dependence On Palestinian Workers
Intel Corporation has announced a momentous investment in Israel, underscoring the strong economic ties between the U.S. and Israel. The company is set to build a new $25 billion chip plant in southern Israel, backed by a substantial $3.2 billion grant from the Israeli government. This move, representing the largest single investment by a company in Israel, comes amid ongoing tensions with the Palestinian militant group Hamas.
Read more: Intel Invests $25B In Israeli Chip Plant With $3.2B In Government Support
The recent financial trends have highlighted a robust performance by the Israeli shekel, showing significant strength against major currencies like the US dollar and the euro. In recent inter-bank trading, the shekel-dollar exchange rate dropped by 1.07% to NIS 3.609/$, while the shekel-euro rate decreased by 1.04% to NIS 3.998/€. This marks the lowest levels for the dollar and euro against the shekel since July and June, respectively.
Read more: Shekel Rises Amid Conflict, Showcases Israel's Economic Fortitude
In November, Israel recorded a significant budget deficit of 16.6 billion shekels ($4.5 billion), a direct consequence of the ongoing war with Hamas militants in Gaza, the Finance Ministry reported. This escalation, which began on October 7, has not only necessitated increased defense spending but has also impacted the nation’s financial health.
Read more: Israel's Economy Hurt, But Weathering Gaza War; U.S. Bolsters Israel Defense
In a recent strategic move to address its significant labor shortfall in the agricultural sector, Israel has embarked on an ambitious plan to recruit foreign farm workers from several African nations. This initiative unfolds against the backdrop of the ongoing conflict with Hamas, which has led to a substantial decrease in the available workforce.
Read more: To Fill Shortage Of Farm Workers In Wake Of Hamas Attack, Israel Turns To Africa
