Tel Aviv: Israeli officials have cleared UAE port operator DP World to move forward in the privatization of Israel's largest seaport but kept Turkey's Yildirim Holding AS under further scrutiny.
DP World received security clearance to move forward in the bidding process for the port in the northern city of Haifa, according to two people familiar with the matter.
The Government Companies Authority, which is running the privatization, said Israel is making necessary regulatory checks as part of confirming investors' participation in the Port of Haifa privatization and that it expects the sale to be completed in a few months.
Mark of progress
DP World's progress is an important indicator for Israel's new agreement with the UAE, which the countries announced last summer. It marks a key nod of approval from Israel when it comes to Emirati involvement in strategic assets. Israel hopes to sell the facility for as much as 2 billion shekels ($612 million).
"We look at Israel as a very important logistical place," DP World's Chairman and CEO Sultan Ahmed Bin Sulayem said Thursday in a Bloomberg TV interview. "We have approval like everyone else. We are still bidding."
DP World is complying with local partnership requirements, he said.