Port of Haifa will have a new container terminal operated officially by the Chinese Shanghai International Port Group.
The latest Bay Port at Haifa worth US$1.7 billion has enough capability to hold container ships weighing 15,000 TEUs or more, along with enabling large cargo ships to dock in Israel.
According to a Chinese news agency Xinhua, Merav Michaeli, Transportation and Road Safety Minister in Israel, believes that the new port with an ability to berth ships over 15,000 TEU capacity will create global opportunities benefiting not just for the country, but also other neighboring countries in the Middle East.
For this project, the country intends to sell its state-owned ports and build a new private dock to reduce costs and wait time for vessels to unload. Approximately 99% of goods move in and out of Israel via sea, and it is essential to have an upgrade to maintain the economic growth. Looking at the ongoing ties with neighboring Arab countries, the opening of Haifa initiates new trade opportunities for Israel.
According to the CEO of a government-owned Israel Ports Company, Yitzhak Blumenthal, the Haifa Bay Terminal was constructed for nearly six years. He further added that the opening of the new terminal is one of the most significant infrastructure projects for Israel.