For the second time in a month, the US Secretary of State exercised his emergency powers to bypass Congressional review and sell Israel artillery shells.
The Capital Markets, Insurance and Savings Authority has approved the deal subject to restrictions. The Competition Authority remains the last, and most difficult, hurdle.
Eight justices are in favor of disqualifying the law to abolish the reasonable standard in judicial review of decisions and seven are against, Channel 12 reports.
The Israeli defense electronics company is among 15 of the world's largest manufacturers of military equipment and systems benefitting from a boom in global orders due to mounting geopolitical tensions, the UK's "Financial Times" reports.
The announcement is in line with an Israeli government statement six months ago. Intel will receive the highest ever government grant to a private-sector company.