War pushes tech workers to move abroad

BEIRUT — Requests from Israeli employees working for multinational technology companies to relocate abroad have sharply increased over the past year, as a consequence of Israel’s ongoing two-year war against Hamas.

That’s according to a report published Sunday by the Israeli High-Tech Industries Association, cited by Reuters, which notes that 53 percent of multinationals operating in Israel have reported a rise in relocation requests from their Israeli staff.

The organization warned that this trend could eventually harm Israel’s engine of innovation and its technological leadership.

According to the report, this trend presents major risks, including the relocation of multinational investment and operational centers to other countries, which would undermine Israel’s high-tech ecosystem and its long-term competitiveness.

Currently, technology acquisitions by multinationals account for about 80 percent of the total annual transaction value in Israel, making it a major pillar of the country’s economy.

Despite the uptick in relocation requests, most companies remain resilient, having maintained or even increased their investments.