July 15th, 2022
Adani Ports of India and local chemicals and logistics group Gadot will acquire Israel’s Port of Haifa for 4.1 billion shekels ($1.18 billion), reports GCaptain. Privatization is expected to noticeably improve performance, reduce wait times, and increase the efficiency of Port operations; critical requirements for the 98% of goods that flow across the border every year.
As per commentary from GCaptain: "The government has been upgrading the sector to maintain economic growth. Haifa, surrounded by the Carmel mountains to the east which limit winds and choppy waters, has operated as a port for centuries. Today, it is Israel’s leading deep water port and handled about half the country’s freight volume in 2021. Adani Ports, which has said it is the largest transport utility in India, is targeting expansion and seeks to become the premier global port group, the company’s chief executive Karan Adani, told an earnings call in May."
Haifa Port said the new group will operate the port until 2054.
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