Economy

Sources say tech giant paid $500 million for Siemplify, which provides security orchestration, automation, and response solutions.

Under the five-year contract, Elbit Systems Emirates will supply the UAE Air Force with anti-missile and electronic warfare systems to protect its Airbus A330 Multi-Role Tanker Transport aircraft.

Israeli technology companies raised an all-time high of $26.6 billion last year – more than double the level raised in 2020, which was also a record year.

Exports resulting from the sale of start-up companies jumped 257%, helping to push service exports up 30%, Economy and Industry Ministry says.

An international report by the State Comptroller's Office finds that while Israel leads in its R&D investments compared to other OECD member-states, labor productivity remains disturbingly low.

TASE reports 97 companies listed this year, 55 of which are from the high-tech sector. According to TASE CEO Ittai Ben Zeev, "the stock exchange, as the home of the Israeli economy, today reflects more than ever the success of the local economy."

Energy Minister Karine Elharrar says "2022 will be the year of renewable energy," insists she does not plan to pursue recommendations to expand natural gas explorations in the Mediterranean Sea.

Energy Ministry estimates that by 2045, natural gas consumption by the electricity sector will increase by 150%, and as such, it will continue to serve as a major energy source alongside solar energy and wind power.

Salaries in the tech industry are far higher than the country's average, and it employs about 10% of the national workforce.

The move is part of the Defense Ministry's efforts to enhance its oversight on the sale of advanced cyber technology following concern over possible abuses by overseas actors. Overall cyber exports in 2020 amounted to $6.85 billion.