India's Adani Group has purchased Haifa Port in northern Israel for 4 billion shekels ($1.15 billion), Israel's Finance Ministry said on Tuesday.
The sale of one Israel's main seaports has taken five years and marks nearly two-decade reform of an underperforming sector added by labour strikes.
The country has been building new private docks to bring down costs and cut above-average waiting times for vessels to unload. About 99% of all goods move in and out of Israel by sea and port upgrades are needed to maintain economic growth.
China's Shanghai International Port Group (SIPG) last year opened a new port across the bay in Haifa. The entry of SIPG and the Adani-led group promises to boost Israel's standing as a regional trade hub.
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