Plans to sell off a government-run port in Israel have been approved with the sale expected to be completed within two years and the new owner expected to operate the port until 2054.
The Israeli government’s ministerial privatisation committee approved plans to privatise the Port of Haifa, currently managed by the government-owned Haifa Port Company, reported The Jerusalem Post.
"This is an historic moment that comes after two years of intensive work and a long-term strategic process, the purpose of which is to enable Haifa Port to flourish in a competitive environment," said Eshel Armony, chairman of the Haifa port board of directors.
He added that work now has to begin on implementing the privatisation by identifying buyers who “will drive Haifa Port forward in the coming decades”.
The new owner is required to invest approximately NIS1bn in the port, to go towards upgrading infrastructure and financing the layoff of approximately 200 workers.
Last year, China's state-owned Shanghai International Port Group (SIPG) secured a 25-year concession to operate the new Bayport terminal, due to commence operations in 2021. Israel was warned against the move by the US.
