Port of Eilat privatization confirmed

01 Jun 2012 - Port Planning, Ports

The Port of Eilat \ Wikimedia Commons Oyoyoy

• The Knesset Finance Committee gives approval for the privatization of the Port of Eilat, Israel

The Port of Eilat, Israel, is to be operated by a private company for the next 15 years. This news came yesterday, after the Knesset Finance Committee gave approval for the plans after the Government Companies Authority presented the process of privatization of the port to members of the committee.

As part of Israel’s port reforms, in 2010 the Ministerial Committee for Privatization decided to sell 100 percent of the State shares in Eilat Port Company Ltd. The port is now being privatized by means of private sale.

Once the agreed 15 years of operation has passed, there is the opportunity for the private company to extend their ownership for another ten years, if they have met the State’s targets for the development of container activity at the port.

“The privatization of the Port of Eilat will contribute to the development of Eilat and the Negev,” said Minister of Finance, Dr Yuval Steinitz.

“The overall process will contribute to streamlining and competitiveness that will help Israeli exports and lower import costs, and the citizens of Israel will benefit. The privatization of the Port of Eilat paves the way for the future privatization of the ports of Haifa and Ashdod.”