The Israeli government in January voted to move forward with privatizing Haifa port, with the hope that its new owner would invest some $292 million in upgrading it.
DP World runs operations as far east as Brisbane, Australia, and as far west as Prince Rupert, Canada. The company has expanded aggressively into East Africa, helping the Emirati government wield influence farther afield. Moving into Israel will expand that footprint.
But with the coronavirus pandemic shutting borders and disrupting global supply chains, DP World’s profits fell 56% during the first half of the year. Months before, DP World started delisting from the Dubai stock exchange, returning the company to full state-ownership to help the Dubai government’s investment company repay more than $5 billion to banks.
DP World ultimately will be held by a wholly owned subsidiary of Dubai World, a government investment company.