Adani Group acquires Haifa port for $1.2 bn, Israeli PM Netanyahu lauds deal as 'enormous milestone'
Haifa (Israel) (PTI): The Adani Group on Tuesday acquired the strategic Israeli port of Haifa for USD 1.2 billion and vowed to transform the skyline of this Mediterranean city as part of its decision to invest more in the Jewish nation, including opening an artificial intelligence lab in Tel Aviv.
Adani Group chairman Gautam Adani, whose business empire was rocked by allegations of fraud by US short seller Hindenburg Research, appeared alongside Israeli Prime Minister Benjamin Netanyahu for signing of the deal to takeover Haifa Port, and spoke of investment opportunities.
Prime Minister Netanyahu described the Haifa port deal with the Adani Group as an "enormous milestone", saying it will significantly improve connectivity between the two countries in many ways.
The Port of Haifa is the second largest port in Israel in terms of shipping containers and the biggest in shipping tourist cruise ships.
"I think this is an enormous milestone...Over 100 years ago, and during World War I, it was the brave Indian soldiers who helped liberate the city of Haifa. And today, it's very robust Indian investors who are helping to liberate the port of Haifa," Netanyahu said.
The Prime Minister said that he discussed with his "good friend" Indian counterpart Narendra Modi this vision of "having connectivity between our countries in many ways, transportation lines and air routes and sea routes...and it's happening today."
He said what is happening today has historic importance because what "we see there is a tremendous boost for peace."
Netanyahu said the region will become an entry point and an exit point to a vast number of goods that reach the Mediterranean and Europe directly without having to go around the Arabian peninsula without having to go through three choke points.
"This is an unequivocal expression of confidence in the Israeli economy," he said, adding that privatisation of the ports and the entry of new investors strengthen Israel's economic strength, lowers the cost of living and creates new opportunities for import and export and strengthens ties between India and Israel.
On his part, Adani said his group will also develop real estate at the port to transform the Haifa skyline.
The 60-year-old Indian tycoon did not make any mention of the Hindenburg row that has already wiped out over USD 70 billion in value from his group stocks.
"We have initiated several dozen technology relationships wherein we have offered the entire Adani portfolio of companies to be a giant sandbox for us to learn together," he said in his speech. "We are also in the process of setting up an Artificial Intelligence lab in Tel Aviv which will work in close collaboration with our new AI labs in India and US."
He later tweeted about his meeting with Netanyahu.
"Privileged to meet with @IsraeliPM @netanyahu on this momentous day as the Port of Haifa is handed over to the Adani Group. The Abraham Accord will be a game changer for the Mediterranean sea logistics. Adani Gadot set to transform Haifa Port into a landmark for all to admire," Adani said in a tweet.
The UAE forged diplomatic ties with Israel in 2020 under a series of US-brokered deals known as the Abraham Accords. Bahrain and Morocco followed suit.
The agreements spearheaded by then US President Donald Trump challenged the long-held view that there would be no relations between the Arab world and Israel while the Palestinian question remains unresolved.
In the last six years, Adani group has struck many critical partnerships with companies such as Elbit Systems, Israel Weapon Systems, and Israel Innovation Authority.
Adani Ports & Special Economic Zone Ltd in partnership with local chemicals and logistics group Gadot in July last year won an Israel government's tender to buy the Haifa Port, a major trade hub on Israel's Mediterranean coast, for about USD 1.2 billion.
Adani's company has no holdings in the West, so its entry into Israel is a signal for increased maritime traffic between Asia and Europe, and the major Asian players' need for a hub in the Mediterranean.
"The acquisition of the Haifa port also comes with a significant amount of real estate. And I promise you that in the years to come we will transform the skyline we see around us," said Adani, the founder and chairman of the group.
"The Haifa of tomorrow - will look very different from the Haifa that you see today. With your support - we will deliver on this commitment and do our part to transform this city."
He expressed confidence in transforming the entire port landscape. "We realize that there will be competition from others, but our confidence comes from our belief in the people of Israel and therefore our belief in the Israel Growth story."
"Our intention is to make the right set of investments that will not just make the Adani Gadot partnership proud but will make the whole of Israel proud," he said.
Stating that the Israeli spirit makes all the difference, he said his group also aims to establish collaborative relationships with local colleges like the University of Haifa to be able to capitalise on the deep technology expertise available in this city.
Adani said India-Israel friendship dates back to September 23, 1918, when soldiers from the Indian cities of Mysore, Hyderabad and Jodhpur battled here for the freedom of Haifa.
"And earlier today, I had an opportunity to visit the cemetery where our soldiers were put to rest. It was a moving moment for me to reflect on the fact that the port we now share - is part of the same city - where soldiers from both our countries - fought side by side for the ultimate shared cause that we all call -- Freedom," he said.
He went on to state that Israel has always motivated him. "You have rewritten the rules of what a country with a population of less than ten million can achieve. You have rewritten the rules by proving what a country with very few natural resources can achieve. And you have rewritten the rules by showcasing what a country with self-belief can achieve."
The elasticity of Israel makes it the world's most resilient nation. "Your pace of innovation across multiple sectors amazes me. Your drive for innovation makes me wonder how we can learn from you. You have focused on sustainable growth far before the world was talking about sustainability," he said.
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Putin meets Iran's FM Araghchi, says Russia ready to do its best to help bring peace to West Asia
Moscow (PTI): Iran's Foreign Minister Abbas Araghchi on Monday met Russian President Vladimir Putin, who hailed the Iranian people for fighting bravely and heroically for their sovereignty and said Moscow is ready to do its best to help bring peace to West Asia as soon as possible.
Araghchi, who held talks with Omani and Pakistani leadership before arriving in Russia, met Putin in St. Petersburg and thanked him for supporting Iran, state-owned TASS news agency reported.
"Russia is ready to do everything in its power to ensure that peace in the Middle East is achieved as soon as possible," Putin said during his meeting with Araghchi, which was also attended by Russian Foreign Minister Sergey Lavrov.
Revealing that he received a message from Iranian Supreme Leader Mojtaba Khamenei last week, Putin asked Araghchi to convey his "gratitude for this message and best wishes for his health and well-being."
He praised the Iranian people for fighting "bravely and heroically" for their sovereignty, Iran's state-run PRESS TV reported.
"We really hope that, based on the courage and desire for independence, the Iranian people, under the guidance of the new leader, will weather this difficult period of trials and peace will come,” Putin said.
He also stressed that Russia “intends to maintain” its strategic relations with Iran.
Araghchi said that the world witnessed Iran’s strength in countering the US during the recent war, and that the Islamic Republic is a "stable and powerful establishment."
"With their courage, the Iranian people succeeded in resisting the US aggression and will be able to endure it,” he said.
He said that it became clear that Iran has “great friends and allies” like Russia, and conveyed “warmest greetings” from Supreme Leader Mojtaba Khamenei and President Masoud Pezeshkian to the Russian leader.
Araghchi said relations between Moscow and Tehran represent a “strategic partnership at the highest level” and will continue to develop "regardless of circumstances."
"We are grateful to you for the solid and strong positions in support of the Islamic Republic of Iran," he said.
Foreign Minister Lavrov said that the talks between President Putin and the Iranian Foreign Minister were "useful and constructive."
Kremlin Spokesman Dmitry Peskov later said that Russia is "ready to provide any good offices, any mediation services that are acceptable to the parties."
"We will be ready to do everything so that ultimately peace ensues, guaranteed peace, and that there is no return to hostilities," Peskov was quoted as saying by TASS.
He was asked how Moscow can assist in future negotiations on the Iranian settlement.
Araghchi arrived in Russia after his whirlwind trip to Islamabad, which, according to him, was “very productive” and involved “good consultations" with Pakistan's Army Chief Field Marshal Asim Munir, amid uncertainty over the second round of peace talks to resolve the war in West Asia.
"We held good consultations with our friends in Pakistan. The trip was successful. We assessed the outcome of our recent (meetings) and discussed in what direction and under what conditions talks can move on,” Araghchi said in a video posted on his Telegram channel upon his arrival in St Petersburg.
Referring to the second round of talks between the US and Iran to resolve the conflict in West Asia, Araghchi said: "Developments have taken place in the negotiations."
"Despite some progress in earlier rounds, the talks failed to reach their objectives due to the Americans' approach, the excessive demands they made, and the wrong approaches they adopted. Therefore, it was necessary to consult with our friends in Pakistan to review the latest situation,” Iran's official news agency IRNA quoted him as saying.
He said that the trip to Pakistan was a good opportunity to review developments related to the US-Israeli war against Iran, expressing confidence that “these consultations and coordination between the two countries will be highly significant.”
Araghchi arrived at St. Petersburg's Pulkovo Airport early Monday, where he was welcomed by Russian officials and Iran’s ambassador to Russia, Kazem Jalali, the report said.
The first round of peace talks between Iran and the US, held on April 11 and 12, failed to bring the desired result for the parties to the conflict.
The Iranian minister arrived in Islamabad for the second time on Sunday after a short visit to Oman, where he held talks with Sultan Haitham bin Tariq al-Said on security in the Strait of Hormuz and diplomatic efforts to end the Iran-US conflict.
After Araghchi left Pakistan for Oman on Saturday, President Donald Trump announced that US negotiators Steve Witkoff and Jared Kushner would no longer be going to Islamabad for talks with Iran, contending that Washington held all the cards on the matter.
Trump on Sunday reiterated that the US and Iranian officials can talk by phone for a peace solution to the conflict.
On Tuesday, Trump extended the two-week ceasefire with Iran indefinitely to give Tehran more time to prepare a unified proposal to end the war, just hours before the truce was set to expire.
The war began when the US and Israel jointly attacked Iran on February 28, killing Iranian Supreme Leader Ayatollah Ali Khamenei and several top commanders. The retaliation by the Islamic Republic extended the war to the entire Gulf region.
