Israel Opens Port in Haifa with Shanghai International Group to Manage It

Israel has opened a new shipping port on the Mediterranean coast expected to enhance competition in a sector suffering from delayed operations. The Shanghai International Port Group will manage the Gulf Port in Haifa, which has a cost of 5.5 billion shekels ($1.7 billion) and will allow docking of larger shipping vessels with a capacity of 18,000 containers or more. Israel is selling state-owned ports and constructing new ship berths, especially in an effort to reduce costs and waiting times for unloading shipments. About 99% of goods are transported by sea to and from Israel, making modernization essential to maintain economic growth. Improved relations with neighboring Arab countries also provide business opportunities for Israel. Transportation Minister Merav Michaeli stated after the port's inauguration in a limited ceremony on Wednesday, "I am confident that we can seize this opportunity not only for prosperity at home but also to capture opportunities and make a real contribution to our neighbors in the Middle East." A new port is scheduled to open on the Mediterranean coast in Ashdod by the end of the year.