Asia’s Richest Man Buys Israeli Haifa Port For $1.15 Billion
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Hashim Sheikh
- . January 11, 2023
- . Update: January 11, 2023 9:05 pm
A consortium led by India’s Adani Group has bought Haifa Port in northern Israel for 4 billion shekels ($1.15 billion), according to Israel’s Finance Ministry.
The state-owned Mediterranean port has been sold to Adani Ports and Special Economic Zone Limited (Adani Ports & SEZ) and the Israeli company Gadot Chemical Terminals. They jointly won a governmental tender to complete the purchase of the port.
The Indian-Israeli group finalised the privatisation of Haifa Port on Tuesday. The consortium received approvals from all Israeli governments to finalise the deal.
In July 2022, Israel announced it would sell the port in Haifa, a major trade hub on the Mediterranean. Adani Ports (APSE.NS) and local chemicals and logistics group Gadot Terminals won the bid.
Adani Ports & SEZ is India’s largest commercial port operator. The company’s founder, Gautam Adani, is the richest man in Asia. Adani is also the third richest man in the world. He operates over 13 ports in India.
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Adani Ports & SEZ is headquartered in Ahmedabad, Gujarat. Adani first developed a port in 1995 in Gujarat, which was considered to be India’s largest private commercial port.
The Adani Group made significant gains in 2022. The company invested billions into green energy industries. The company also started businesses in power-grid distribution, gas, solar, thermal power, data centres, real estate, airports, water management, retail and financial services. It has also started developing UAVs, small arms and ammo, and counter-drone technology.
In 2022, China’s Shanghai International Port Group (SIPG) opened a new port across the bay in Haifa in Israel. According to Reuters, SIPG and the Adani-led group can increase Israel’s standing as a regional trade hub.
Israel has been selling its state-owned ports in order to bring down costs. Reportedly, around 99% of all goods that move in and out of Israel by sea have to maintain economic growth.
