Adani Group Chairman Gautam Adani met Israel Prime Minister Benjamin Netanyahu to take the handover of Haifa Port in a ceremony marked to celebrate the Adani-Gadot acquisition of Haifa Port Company (HPC) Ltd–a USD 1.18 billion deal dubbed “biggest foreign investment in Israel”.
In July 2020, Adani in partnership with Gadot Group secured 100% rights to buy shares of the company that handled Haifa port, which handles half of Israel’s cargo containers and is one of the two main commercial ports there
“Privileged to meet with @IsraeliPM @netanyahu on this momentous day as the Port of Haifa is handed over to the Adani Group. The Abraham Accord will be a game changer for the Mediterranean sea logistics. Adani Gadot set to transform Haifa Port into a landmark for all to admire,” the billionaire tweeted on Tuesday evening.
The Abraham Accords are a series of peace agreements signed in September 2020 between Israel and several Arab states, including the United Arab Emirates, Bahrain, and Sudan. The accords aimed to normalize diplomatic relations between Israel and the Arab states, establishing diplomatic, economic and cultural ties. The agreements marked a historic shift in the Middle East and marked the end of a decades-long conflict between Israel and the Arab world.
On July 15 last year, Adani Ports and Special Economic Zone Ltd and Israel’s Gadot Group won the bid to buy 100% rights in Haifa Port Company Ltd (HPC) amidst stiff competition from local and global players. The Adani-Gadot consortium secured the rights to purchase 100% of the Haifa Port Company Ltd. The concession period of the port is up to 2054.
The port, which handles nearly half of Israel’s container cargo, is also the country’s principal port for passenger traffic and cruise ships.
Adani Ports and Gadot made a bid of USD 1.18 billion to secure 70% and 30% ownership in HPC respectively.
The acquisition marked a significant step for Adani Ports in expanding its presence in the European port sector, including the lucrative Mediterranean region.
The Port of Haifa is located in the northern region of Israel, close to the city of Haifa, the third largest city in the country and a major industrial area. The Haifa Port Company Ltd also has significant real estate available for development in areas such as office spaces, hotels, tourism and other recreational activities, Adani said then in a statement.
Netanyahu and Adani met at the Haifa Port Temporary Cruise Terminal in this northern coastal city of Israel on Tuesday at a ceremony
to celebrate the Adani Group’s successful entry into Israel through its acquisition of the Haifa port.
This “strategic purchase” is considered to be the largest foreign investment in any sector in Israel.
