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Yehudit Haspel Ben-Dak
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Control over the Port of Eilat was signed over to the Naksah Brothers’ Papo Shipping Company, last week, in an agreement worth NIS 120 million over a fifteen-year period. The option to extend the franchise for a further ten years is worth another NIS 105 million, subject to trade volume being maintained at a pre-specified minimum.
The Nakash Brothers headquarters in New York issued a statement expressing confidence in their ability to expand both the level of activity and the level of services, including lowering of tariffs. “The Port of Eilat has a huge potential to grow and become one of the region’s leading seaports. We extend our highest regards to all those involved in the negotiations for allowing us to be a part of this significant process, which will contribute to Israeli and international commerce, ” the statement says. Developing the Port of Eilat will also help develop the city of Eilat itself, momentously. In the past, we have shown success with other projects in the Negev – through Arkya and the hotels we manage in Eilat. This involvement is our way of expressing our faith in the Israeli economy.”
Nakash Brothers: $2 Billion Empire
