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The port of Haifa sold by Israel for over $ 1 billion.



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Israel announced on Thursday that it will privatize the port of Haifa, a major trading center on the Mediterranean coast, with the new operators being Adani Ports of India and the Israeli logistics group Gadot. The two companies will pay $ 1.18 billion to operate the Israeli port by 2054, writes Reuters, quoted by Digi24.

Gadot and Adani have completed the two-year privatization process, after which Israel hopes to obtain lower prices for imported goods and a reduction in waiting times in Israeli ports.

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

Haifa Port has been operating for hundreds of years. Today it is the main deepwater port in Israel and almost half of the local freight traffic passed through Haifa in 2021.

According to Reuters, Adani will hold a 70% stake in the company that will manage the port, while Gadot will own 30%.

About 98% of Israel’s exports and imports are made by sea, and the government has invested in developing the sector to maintain economic growth.

Haifa Port has been operating for hundreds of years. Today it is the main deepwater port in Israel and almost half of the local freight traffic passed through Haifa in 2021.

Improving relations with Arab neighbors are creating new trade opportunities for Israel, and Haifa has a chance to become a regional hub as well as a link between Asia and Europe.

Adani and Gadot will compete with a private port opened last year in the area, operated by the Chinese group Shanghai International Port.