Adani Group Chairman Gautam Adani met Israeli Prime Minister Benjamin Netanyahu earlier today at an event organized to celebrate the Adani-Gadot takeover of the Haifa Port Company Ltd., dubbed the “biggest foreign investment in Israel”.
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 purpose of the agreement is to normalize diplomatic relations between Israel and the Arab states, establishing diplomatic, economic and cultural ties. The agreements marked a historic change in the Middle East and marked the end of decades of conflict between Israel and the Arab world.
In July 2020, Adani, in partnership with the Gadot Group, acquired 100% rights to buy shares of Haifa Port, which handles half of Israel’s cargo containers and is one of the two main commercial ports there.
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) amid stiff competition from local and global players. The Adani-Gadot consortium has secured the right to buy 100% of Haifa Port Company Limited. The concession period of the port is till 2054.
The port, which handles about half of Israel’s container cargo, is also the country’s major port for passenger traffic and cruise ships.
Adani Ports and Gadot made bids worth USD 1.18 billion to secure 70% and 30% ownership in HPC, respectively.
This acquisition is a significant step for Adani Ports to expand its presence in the European port region, which also includes the lucrative Mediterranean region.
Haifa Port is located in the northern region of Israel, close to the city of Haifa, the country’s third largest city and a major industrial area. Adani said in a statement that Haifa Port Company Limited has significant real estate available for development in areas such as office space, hotels, tourism and other recreational activities.
Netanyahu and Adani met on Tuesday at a ceremony at the Haifa Port temporary cruise terminal in Israel’s northern coastal city.
To celebrate the successful entry of the Adani Group into Israel through the acquisition of the Haifa port.
This “strategic purchase” is considered to be the largest foreign investment in any sector in Israel.