The Fire in the Bridge is Calming
Changes are happening quick & fast in Israel's business landscape. Last week, Israeli Prime Minister Benjamin Netanyahu met with Indian billionaire Gautam Adani and officially handed over the Haifa Port to the Adani Group. A consortium comprising Adani Ports, Special Economic Zone (APSEZ), and Israel's Gadot Group is behind the acquisition of the strategic Israeli port for $1.18 billion. Adani Group holds a 70 percent stake in the consortium, while its Israeli partner Gadot owns 30 percent.
"Privileged to meet with Israeli PM Benjamin 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", tweeted the Indian business tycoon. The Abraham Accords are a series of joint normalization statements initially between Israel, the United Arab Emirates, and Bahrain, effective since September 15th, 2020.
The first public normalization of relations between an Arab country and Israel since that of Jordan in 1994 is set to change the business dynamics in the middle east. Furthermore, the UAE recently announced that it would teach about the Holocaust in history classes in primary and secondary schools across the country. Recently, there were also reports of Affinity Partners, a new private-equity fund started by Jared Kushner, planning to invest money from Saudi Arabia's sovereign wealth fund in Israeli businesses. It would be the first time the giant Saudi fund is investing in Israel. It looks like a good start for many more novel middle eastern business and diplomatic relations ahead of us.