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JERUSALEM: A consortium led by India’s Adani Group has completed the purchase of Haifa Port in northern Israel for 4 billion shekels ($1.15 billion), Israel’s Finance Ministry said on Tuesday.

The sale of one Israel’s main seaports has taken five years and marks the culmination of a nearly two-decade reform of an underperforming sector plagued for years by labour strikes.

The country has been selling its state-owned ports and building new private docks in an effort to bring down costs and cut above-average waiting times for vessels to unload.

About 99% of all goods move in and out of Israel by sea and port upgrades are needed to maintain economic growth.

Israel sells Haifa Port to India’s Adani Ports, Israel’s Gadot for $1.2bn

Israel announced in July it would sell the port in Haifa, a major trade hub on the Mediterranean, to winning bidders Adani Ports and local chemicals and logistics group Gadot.

China’s Shanghai International Port Group (SIPG) last year opened a new port across the bay in Haifa.

The entry of SIPG and the Adani-led group promises to boost Israel’s standing as a regional trade hub.

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TimeToMovveOn Jan 10, 2023 07:21pm
India has it faults, but the pace of development between India and Pakistan is mind-boggling. Indian companies are buying up American companies, taking over ports, competing with China, and making vaccines. Pakistan instead of hating India, should partner with India, for its own development. Keep the Kashmir dreams aside for a while. Your own citizens are more important than some people in kashmir.
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Rana Altaf Jan 10, 2023 07:54pm
Fact Sheet. At the cost of billions poor Adani become rich. Modi bring disparity for making too rich and too poor.. China is also ever one come out of poverty when nation progress. Pakistan mostly public has low disparity among. There are not poor"s are not poor as in India. Pakistan is for Kashmir liberation Even if we trade with India we always in less export and more import. Hence we will actually feeding Imdia. So no way to leave to Kashmir. If our Quaid did not compromise with Ghandi who said not go for Pakistan live with Imdia. Hence we will follow Jinah but not Ghandi. Pakistan and Kashmir Zindabad.
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Rana Altaf Jan 10, 2023 07:54pm
Rana Amir
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TimeToMovveOn Jan 10, 2023 08:52pm
@Rana Altaf, "Pakistan is for Kashmir liberation" I wish you all the best. Pakistan has lost so much being tied to the yolk of Kashmir. Your great journalist Ayaz Amir said in 1999, "Pakistan has sacrificed its identity and itself on the alter of Kashmir" Keep kashmir dreams alive, and keep going to the IMF.
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