Written by Ahmed Gabr | From Wamda

In the midst of a not-so-pleasant economic situation in Egypt, Intel made headlines last week. A number of online news sources reported that the company’s office in Egypt is shutting down.

Intel was fast to deflect rumors that it’s closing its Egyptian office due to economic woes, asserting that the company “is committed to the Egyptian market,” and that only the engineering and research & development business units have been shut down.

“We have employees from other Intel business teams in Egypt,” the company said in a statement.

Concerned Egyptian internet activists blamed the current political situation in Egypt for the company’s move. But Intel insists that their actions are purely organizational business decisions.

“To be absolutely clear our decisions are being made to improve the company and they have nothing to do with the political situation in Egypt or anywhere else,” the company’s statement continued.

From an industry analyst’s perspective, the company’s point of view seems valid. A week earlier, Intel also announced plans to shut down its assembly and test site in Costa Rica, cutting 1,500 jobs.