Indian-led consortium completes purchase of Haifa Port
The privatization of the port in northern Israel has been in the works since 2018.
A consortium led by India’s Adani Group completed the purchase of Israel's Haifa Port for 4 billion Israeli shekels ($1.15 billion), an Israeli Finance Ministry spokesperson told Al-Monitor Tuesday. The news was first reported by Reuters.
Why it matters: The sale is the culmination of a yearslong process with the port. The Israeli government decided in 2018 to privatize Haifa Port. This was part of a wider privatization agenda motivated by a desire to obtain more revenue as well as foreign expertise, according to a 2020 report from the Economist Intelligence Unit.
In late 2021, Dubai’s DP World pulled out of the process to buy the port. In July 2022, Adani and Israel’s Gadot Chemical Terminals won the bid to buy Haifa Ports Ltd.
The following September, Adani asked for an extension to complete the purchase, Reuters reported at the time. In November, Adani and Gadot formed a joint venture, according to The Times of India.
