Israel’s Haifa port sells for $1.15 billion to India’s Adani Group
'We expect to turn the traffic jams of ships into a distant memory and to ease the cost of living for all [Israeli] citizens'
A consortium led by India’s Adani Group – which won the tender for privatizing the port of Haifa in northern Israel – recently completed the purchase of it for $1.15 billion, alongside local logistics firm Gadot.
The final signing ceremony took place in Jerusalem and was attended by Ram Belinkov, CEO of the Israeli Finance Ministry’s Treasury Department, Adani representative Yair Doari, and Gadot CEO Ofer Linchevski.
“This is a happy day for us and for all citizens of Israel after we completed the purchase of the Haifa port,” said Karan Adani, CEO of Adani Group. “We expect now to upgrade its activity as soon as possible for improved service, turn the traffic jams of ships into a distant memory, and ease the cost of living for all [Israeli] citizens.”
Israel announced in July 2022 that it would sell the port in Haifa – one of its main seaports and a major trade hub on the Mediterranean – to Adani and Gadot.
The sale marked the culmination of a nearly two-decade reform of an underperforming sector plagued for years by labor strikes. Israel 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.
“We are looking forward to entering the port, for its quick development, and starting to supply new services for the economy to grow it in the next few years,” said Linchevski.
About 99 percent of all goods move in and out of Israel by sea.