International Bidders Reportedly Closing In On Deal To Acquire Haifa Port

Several international bidders are reportedly lining up to acquire Haifa’s port in a massive deal that is expected to close by the end of the year.

Investment groups from Israel, Europe, India and the United Arab Emirates are contending for the deal, which is estimated to be worth as much as $600 million. Haifa’s port is the busiest shipping hub in Israel.

The firms are expected to place formal bids in October, the report said, citing “sources with knowledge of the matter.” Authorities will likely announce a winner before the year ends, and transfer ownership at the beginning of next year.

The Israeli government voted last year to move forward with privatizing Haifa’s port in an attempt to spur competition and decrease costs.

Among the bidders are Israel’s Shipyards Industries, which has partnered in the initiative with Dubai’s DP World.

Israel normalized ties with the UAE last year, opening up trade between Israel and the Gulf that will likely further boost business at Haifa and in the region.

Shipyard Industries and DP World have also discussed exploring a direct shipping route from Dubai’s massive Jebel Ali port to Eilat.

Also in the running is the UK’s DAO Shipping, which paired up with Israel’s Generation Capital and the London-based Lomar.