Haifa Port sale expected to bring ‘significant’ investment, says head of cruise

According to Reuters, Adani Ports of India and local chemicals and logistic group Gadot purchased the port from Israel for $1.18b, with Adani taking a majority 70% stake and Gadot holding the remaining 30%.

The transaction and its associated formalities are set to be completed in the next few months.

‘This is an important and historic day’

Rom described the move as ‘important’ and ‘historic,’ telling Seatrade Cruise News, ‘The port of Haifa has reached the moment of sale... with more than three years' planning concluding today at a higher-than-expected price.

‘The privatisation will ensure the port's competitiveness and prosperity in the coming decades.’

Keeping the industry booming

Rom went on to explain the sale is expected to result in major investment being made to Haifa’s cruise infrastructure. He said, ‘No doubt, cruising will be a significant part of our port in the coming years. I am sure that together with the new owners we will keep cruising booming for the benefit of the cruise industry, Israel and the Eastern Mediterranean. Moreover, the fact that Haifa Port will soon be a nongovernmental company will open a vast range of opportunities to strategic cooperation with cruise lines.

'I am sure that in a few years we will see significant infrastructure investment in our cruise facilities. We are already working hard on future plans.’ 

In 2019, Haifa received 131 cruise calls from 24 lines, bringing a total 237,284 cruise passengers to Israel’s third largest city. 

Concludes a two-year process

The sale rounds off a two-year tender process, with plans to privatise the port announced three years ago. Gautam Adani, chairman, Adani Group said on Twitter, ‘Delighted to win the tender ... Immense strategic and historical significance for both nations.’ 

Adani will operate the port and manage cruise ships, its concession running to 2054. Its shares have have risen today following the announcement.