Adani Group Acquired Haifa Port, What Is Abraham Accord?

Adani Group Acquired Haifa Port, What Is Abraham Accord?

Where Is Haifa Port? Haifa Port is the leading port in Israel. Close to 20 million tons of cargo pass through the Port each year – more than any other port in Israel.
What Is Abraham Accord? The Abraham Accords(signed in 2020) are a series of peace agreements between Israel and several Arab states, including the United Arab Emirates, Bahrain, and Sudan.

 

Context

In News

• Adani Group Chairman Gautam Adani acquired Haifa Port Company of Israel in a 1.18 billion deal.
• The  Adani Group’s Acquisition of Haifa Port marked a significant step for Adani Ports in expanding its presence in the European port sector, including the lucrative Mediterranean region.

Background

• Adani Ports & Special Economic Zone Ltd in partnership with local chemicals and logistics group Gadot in July 2022, won an Israel government’s tender to buy the Haifa Port.

About Haifa Port

• The Haifa Port handles nearly half of Israel’s container cargo, is also the country’s principal port for passenger traffic and cruise ships.
• Haifa Port is a major trade hub on Israel’s Mediterranean coast, for about $1.2 billion.

What Is Abraham Accord?

• On September 15, 2020, Israel, the United Arab Emirates and Bahrain signed the United States-brokered Abraham Accords.
• The Abraham Accords are a series of peace agreements between Israel and several Arab states, including the United Arab Emirates, Bahrain, and Sudan.
• The accords aimed to normalize diplomatic relations between Israel and the Arab states, establishing diplomatic, economic and cultural ties.
• Later, the Abraham Accord joined by Bahrain, Sudan, and Morocco and in exchange Israel would suspend its plans to annex parts of the occupied West Bank, thereby becoming the first Gulf country to establish diplomatic and economic relations with Israel.
• Abraham Accord was a historic moment for peace and prosperity in the Middle East.
• It also brought exciting opportunities for India and its thriving business community, which enjoys strong relations and engagement with Middle East Countries.

Significance Of Haifa Port Deal For India And Israel?

For India

Adani Group has no holdings in the West. With the acquiring of Haifa Port, 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.

For Israel

• For the Israel’s leaders, the entry of Adani Group has revived hopes of creating a trade gateway connecting the Mediterranean port of Haifa and the broader Middle East, including Saudi Arabia, which does not have ties with Israel.
• Is Israel Selling Its Ports? Yes, the country has been selling its state-owned ports but intelligently, as it also building new private docks in an effort to bring down costs and cut above-average waiting times for vessels to unload.
• Earlier, the Adani Group also joined China’s Shanghai International Port Group (SIPG), which opened in 2021 new piers across the bay in Haifa. The entry of major operators from Asia promises to boost Israel’s standing as a regional trade hub.

Why India & Israel Celebrates Haifa Day?

• The Indian Army commemorates September 23 every year as Haifa Day to pay its respects to the three Indian Cavalry Regiments – Mysore, Hyderabad and Jodhpur Lancers, that helped liberate Haifa following a dashing cavalry action by the 15th Imperial Service Cavalry Brigade of the then British Indian Army at the Battle of Haifa in 1918(During World War I).
• Captain Aman Singh Bahadur and Dafadar Jor Singh were awarded the Indian Order of Merit (IOM) and Captain Anop Singh and 2nd Lt Sagat Singh were awarded the Military Cross (MC) as recognition for their bravery in this battle while Major Dalpat Singh was awarded a military cross for his bravery.
• In Fact, Major Dalpat Singh and his soldiers not only changed the history of Haifa but the history of the Middle East.

Analysis of Sansad TV Discussion: History of India-Israel Relations