Home News Israel has privatized the Port of Haifa. Buyers are a local...

Israel has privatized the Port of Haifa. Buyers are a local group and an Indian company

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Gadot and Adani won at the end of a two-year bidding process, and Israel hopes the sale will reduce import prices and help shorten notoriously long waiting times in Israeli ports.

“The privatization of the port of Haifa will increase competition in ports and reduce the cost of living,” said Finance Minister Avigdor Lieberman.

Adani will hold a 70% majority stake and Gadot the remaining 30%, according to an industry official.

None of the companies were available for immediate comment.

Adani Ports, which has said it is India’s largest transport utility company, is targeting expansion and looking to become the world’s leading port group, Karan Adani CEO said at a May revenue conference. .

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The new owners will compete with a private port that opened in the Gulf last year, which is operated by Shanghai International Port Group.

About 98% of all goods travel to and from Israel by sea, and the government has modernized the sector to maintain economic growth.

Improving ties with neighboring Arab countries also creates new trade opportunities for Israel, and Haifa is well placed to become a regional hub.

Port of Haifa said the new group would operate the port by 2054 and that the winning bid was “higher than expected”.

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“After a complicated process, we have managed to secure the future of Haifa Port and its ability to compete in the coming years,” said President Eshel Armoni.

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