The committee, chaired by Finance Minister Yuval Steinitz, endorsed the sale of government shares to private investors from Israel or overseas. The move will see the full privatisation of the port and privatisation of 15 percent of the ports of Haifa and Ashdod.
Located at the northern tip of the Gulf of Aqaba and with significant economic and strategic importance, the Port of Eilat is the only Israeli port on the Red Sea. Privatisation is intended to improve the port’s operations and logistics through a private party experienced in port operations.
The approval follows the Israeli Cabinet decision in 2005 to reform the country’s ports, which includes selling the operating rights for 15 years, with an option to extend by an additional 10 years.