Israel’s Finance Ministry said on Tuesday that a consortium led by India’s Adani Group has successfully paid 4 billion shekels ($1.15 billion) for the northern Israeli port of Haifa. The sale of one of Israel’s major seaports, which has been in the works for five years, is the result of a nearly two-decade overhaul of a struggling industry that has endured years of labour unrest.
To decrease expenses and lower the above-average wait times for ships to unload, the nation has begun selling its state-owned ports and constructing new private terminals. Port renovations are required to preserve economic growth as around 99% of all commodities are imported and exported from Israel by water.
In July, Israel announced that it will sell the port of Haifa, a key Mediterranean trade hub, to winning bidders Adani Ports (APSE.NS) and local chemicals and logistics business Gadot. A new port in Haifa across the harbour was inaugurated by China’s Shanghai International Port Group (SIPG) last year. Israel’s reputation as a regional commercial hub is expected to improve with the admission of SIPG and the Adani-led consortium.
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