Tel Aviv port finishes redevelopment project

Marine Trust Ltd., the managing company of the Tel Aviv Port is in the last stages of completing the project of redeveloping the port at a total investment of NIS 60 million.

By SHARON WROBEL
February 27, 2007 08:06
1 minute read.

Marine Trust Ltd., the managing company of the Tel Aviv Port is in the last stages of completing the project of redeveloping the port at a total investment of NIS 60 million. Under the project, which began in 2001, 10 percent of the investment was allocated for the restoration of buildings and 90% for the restoration of infrastructures for the area to cater for leisure time activity, entertainment, culture, sports, music, shopping, dining and artistry. The restoration of the port into an entertainment center has more than quadrupled rent prices from $7 to $10 per square meter in 2001 to between $35 and $50 per sq.m. About 2.5 million people visited the port in 2006. Separately, the Eilat port workers announced that they will on Tuesday protest in front of the Knesset as the Knesset Economics Committee discusses the economic future of the Eilat following Zim Integrated Shipping Services Ltd.'s decision to reduce container shipping. The protest follows the recent announcement of plans by Zim to move its container line from Eilat to Djibouti at the southern tip of the Red Sea, and to Ashdod and Haifa. In fear that the move could cause lay-offs, Eilat port workers consequently disrupted the unloading of Zim ships in recent weeks. Last week Zim agreed to delay the closure of its Eilat cargo terminal until the summer, so the Eilat Port could have more time to find alternative operators.


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