Investment Groups Vying to Acquire Port of Haifa

At least four investment groups are vying to acquire the port of Haifa in Israel, with bids expected to be as high as $600 million, Reuters reported, citing unnamed sources. Formal bids by the groups, from Israel, Europe, India and the United Arab Emirates, are set to be proffered by October, according to the report. Ownership of the major port, Israel’s largest, is expected to be transferred at the beginning of next year.

Israel is selling its state-owned ports to increase competition and lower costs.

The new Gulf Port of Haifa, located near the existing port of Haifa and built entirely offshore, is scheduled to open on September 1. A new port is expected to open in Ashdod later this year.