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India’s Adani-led group buys Israel’s Haifa Port for $1.2bn

REUTERS/Ilan Rosenberg
The development road aims to tie the Grand Faw Port in Iraq's oil-rich south to Turkey

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.

The sale of one of 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 percent of all goods move in and out of Israel by sea and port upgrades are needed to maintain economic growth.

Israel announced in July last year that 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.