Intel Corp set to expand its operations to the center of UAE by assigning another giant tech company, GlobalFoundries, to bolster its semiconductor business. At the moment, only Intel happens to have disclosed a possible acquisition that reveals the Arab tech company is worth $30 million — the biggest acquisition by Intel.
GlobalFoundries is yet to confirm Intel’s report which seems to be a rumor. Still, this rumor appears to have an optimistic outcome whereby it serves as a soluble means to curb the outraging chip shortage that now stretches towards European tech industries.
As the demand for chips increases, Intel seems keen on acquiring the Arabian tech company to change the phase of the industry by producing more chips, especially for electric vehicle manufacturers. While several other manufacturers have reportedly demanded chips experiencing the current shortages in the industry.
Remember, Intel recently announced they injected billions of dollars to bolster its productivity, which includes building factories stationed in the States. Since Intel’s custom chip is designed and manufactured under its brand, this acquisition is expected to expand its chips manufacturing capacity.
These chip manufacturing factories powered by Intel are expected to rival other semiconductor brands in the industry — this acquisition is expected to push Intel’s semiconductor business across Asia since GlobalFoundries has active businesses across Europe and Asia.
It is worth noting that Abu Dhabi’s finest sovereign wealth fund Mubadala Investment Co, owns GlobalFoundries — if this company finally becomes an Intel subsidiary, the chip manufacturer automatically becomes a giant in the semiconductor industry. Still, both parties are yet to confirm their engagement.