The Port of Haifa is the second largest port in Israel in terms of shipping containers
Haifa, Israel:
The Adani Group on Tuesday acquired Israel’s strategic port of Haifa for $1.2 billion, pledging to transform this Mediterranean city’s skyline as part of its decision to invest more in the Jewish nation, including opening an artificial lab Intelligence in Tel Aviv.
Adani Group Chairman Gautam Adani, whose business empire has been rocked by fraud allegations by US short seller Hindenburg Research, appeared alongside Israeli Prime Minister Benjamin Netanyahu at the signing of the deal to take over the Port of Haifa and discussed investment opportunities.
Prime Minister Netanyahu called the Haifa port deal with the Adani Group a “huge milestone” and said it will significantly improve connectivity between the two countries in many ways.
The Port of Haifa is the second largest port in Israel in terms of shipping containers and the largest in terms of tourist cruise ship shipments.
“I think this is a tremendous milestone… Over 100 years ago and during World War I, it was the brave Indian soldiers who helped liberate the city of Haifa. And today it is very robust Indian investors who are helping to liberate the port of Haifa,” Netanyahu said.
The prime minister said he spoke to his “good friend,” Indian counterpart Narendra Modi, about this vision of “having a connection between our countries in many ways, lines of transport and air routes and sea lanes… and it’s happening today.” He said What is happening today has historical significance because “what we are seeing there is a tremendous boost for peace”. Netanyahu said the region will become an entry and exit point for a large number of goods that reach the Mediterranean Sea and Europe directly, without having to bypass the Arabian Peninsula, without having to pass through three bottlenecks.
“This is a clear expression of confidence in the Israeli economy,” he said, adding that the privatization of ports and the entry of new investors are strengthening Israel’s economic strength, lowering the cost of living and creating new opportunities for import, export and the Strengthening relations between India and Israel.
For his part, Adani said his group will also develop properties at the port to transform Haifa’s skyline.
The 60-year-old Indian tycoon has not mentioned the Hindenburg dispute, which has already wiped out more than $70 billion in value from his group’s stock.
“We have initiated several dozen technology relationships in which we have offered the entire Adani company portfolio as a huge sandbox where we can learn together,” he said in his speech. “We are also in the process of setting up an artificial intelligence lab in Tel Aviv that will work closely with our new AI labs in India and the US.” He later tweeted about his meeting with Netanyahu.
“I have the privilege of joining @IsraeliPM @netanyahu for all to admire on this momentous day when the Port of Haifa is handed over to the Adani Group,” Adani said in a tweet.
The UAE forged diplomatic ties with Israel in 2020 under a series of US-brokered deals known as the Abraham Accords. Bahrain and Morocco followed suit.
The accords, spearheaded by then-US President Donald Trump, challenged the long-held view that there would be no ties between the Arab world and Israel as long as the Palestinian issue remained unresolved.
Over the past six years, Adani Group has formed many pivotal partnerships with companies such as Elbit Systems, Israel Weapon Systems and Israel Innovation Authority.
Adani Ports & Special Economic Zone Ltd, in partnership with local chemical and logistics group Gadot, won an Israeli government bid to buy the Port of Haifa, a key commercial center on Israel’s Mediterranean coast, for about US$1.2 billion in July last year. Dollar.
Adani’s company has no interests in the west, so his entry into Israel is a signal of increasing maritime traffic between Asia and Europe and the need of the big Asian players for a Mediterranean hub.
“The acquisition of the Port of Haifa also involves a significant amount of real estate. And I promise you that in the years to come, we will transform the skyline that we see around us,” said Adani, the group’s founder and chairman.
“Tomorrow’s Haifa – will look very different than the Haifa you see today. With your support – we will honor that commitment and do our part to transform this city.” He expressed confidence in transforming the entire port landscape. “We recognize 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 history of Israel’s growth.” “Our intention is to make the right investments, that make not only the Adani-Gadot partnership proud, but all of Israel,” he said.
Explaining that the Israeli spirit makes the difference, he said his group also intends to develop collaborative relationships with local colleges, such as the University of Haifa, to benefit from the rich technological know-how available in the city.
Adani said that the Indo-Israeli friendship dates back to September 23, 1918, when soldiers from the Indian cities of Mysore, Hyderabad and Jodhpur fought here for the freedom of Haifa.
“And today I had the opportunity to visit the cemetery where our soldiers were buried. It was a moving moment for me to reflect on the fact that the port we now share is part of the same city that the soldiers come from, our two countries – fought side by side for the ultimate common cause we all call it – Freedom,” he said.
He continued that Israel has always motivated him. “They rewrote the rules of what a country with fewer than 10 million people can achieve. You rewrote the rules by proving what a country with very few natural resources can achieve. And you rewrote the rules by showing what a country can do with confidence.” Israel’s resilience makes it the most resilient nation in the world. “Their pace of innovation across multiple sectors amazes me. Their drive to innovate makes me wonder how “We can learn from you. You focused on sustainable growth long before the world spoke about sustainability,” he said.
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