Gautam Adani Commits To Transforming The City Around Haifa Port

The Israel government handed over the Haifa Port to Adani Enterprises Ltd. and its joint venture partner Gadot Group on Tuesday, finalising the ambitious acquisition for the ports-to-transmission conglomerate.

Adani Group Chairman Gautam Adani and Israel's Prime Minister Benjamin Netanyahu signed the port book at the event to mark the handover in Haifa.

Adani exuded confidence that the group would transform the entire port landscape with support from Israel, the local authorities, and joint venture partner Gadot.

"We realise that there will be competition from others, but our confidence comes from our belief in the people of Israel and, therefore, our belief in the Israel growth story," he said.

"The acquisition of the Haifa port also comes with a significant amount of real estate. And I promise you that in the years to come, we will transform the skyline we see around us. The Haifa of tomorrow will look very different from the Haifa that you see today. With your support, we will deliver on this commitment and do our part to transform this city," the Adani Group founder said.

Talking about Adani Group's future plans for Israel, he said the company would set up an artificial intelligence lab in Tel Aviv and it will work in close collaboration with its new AI labs in India and the U.S.

A combine of Adani Ports and SEZ Ltd. and Israel's Gadot Group completed the acquisition of the Haifa Port Co. earlier this month. The consortium emerged as the successful bidder for the port on July 22, 2022. It had then floated a 70:30 joint venture—Mediterranean International Ports ADGD Ltd.—in November last year to carry out the acquisition.

The Haifa port is one of the two biggest commercial ports in Israel. It handles nearly half of the country's container cargo and is also the nation's principal port for passenger traffic and cruise ships, Adani Ports and SEZ had said in a statement.

Located in the north of Israel, the Haifa port is close to the eponymous city, which is one of the major industrial areas of the country. The facility features two container terminals and two multi-cargo terminals. The total developed quay length measures more than 2,900 metres. The maximum draft available ranges from 11 metres to 16.5 metres. It has a roll-on roll-off, a cruise terminal with various passenger facilities, and a waterfront length of 2 km for development.

During 2021, Haifa Port handled 1.46 million twenty equipment units of containers as well as 2.56 million tonnes of general and bulk cargo.

Disclaimer: Adani Enterprises Ltd. is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.