Adani Group boosts presence in Israel with $1.2 billion Haifa Port acquisition

1 Feb 2023 , 02:27 PM

The Adani Group completed the purchase of the Israeli port of Haifa for USD 1.2 billion on Tuesday, vowing to transform the skyline of this Mediterranean city as part of its decision to invest more in Israel, including the establishment of an artificial intelligence lab in Tel Aviv.

Gautam Adani, the chairman of Adani Group, whose business empire has been rocked by allegations of fraud by US short-seller Hindenburg Research, appeared alongside Israeli Prime Minister Benjamin Netanyahu at the signing of the deal to take over Haifa Port and spoke about investment opportunities.

Prime Minister Netanyahu called the Haifa port deal with the Adani Group an ‘enormous milestone,’ saying it will improve connectivity between the two countries in a variety of ways.

According to Netanyahu, the region will become an entry and exit point for a large number of goods that will travel directly to the Mediterranean and Europe without passing through three choke points.

Adani, for his part, stated that his company will also develop real estate at the port in order to transform the Haifa skyline.

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