Latest news with #EilatMunicipality
Roya News
17-07-2025
- Business
- Roya News
Eilat Port to shut down over tax debts amid Houthi threat: Reports
Eilat Port is set to shut down on Sunday after the Eilat Municipality seized its bank accounts due to unpaid municipal taxes exceeding NIS 600,000, Globes reported. The port, which has been operating at limited capacity since the start of the genocide in Gaza and threats to Red Sea shipping by the Houthis, now faces a complete halt in activity. The shutdown is expected to impact the 'Israeli' Navy, which has used the port since the genocide began, as well as operations of the Europe Asia Pipeline Company (EAPC) and the export of potash from ICL's Dead Sea Works. While port officials initially denied plans to close, a letter from the National Emergency Authority obtained by Globes confirmed the details, citing financial debts and the seizure of all bank accounts. The Shipping and Ports Authority has notified that the port will cease all activity, including the use of tugboats and logistical support services. The Ministry of Transport has called an emergency meeting with relevant stakeholders in an effort to prevent the closure. Eilat Port, operated by the Nakash brothers since 2012, once handled 50 percent of all vehicle imports into Israel. However, since the war began, port revenue has plummeted, dropping from NIS 212 million in 2023 to just NIS 42 million in 2024. Only six ships have docked there in the first half of 2025. Despite prior financial assistance from the government, including deferred fees and a state-backed loan guarantee, officials are now critical of the port's failure to settle its debts with the municipality. The government has argued that, given the port's privatized status and its decade of profits, the owners must now bear the financial burden.
Yemen Online
16-07-2025
- Business
- Yemen Online
Israel's Eilat Port to shut down operations on July 20 amid debt crisis
Israel's Ports and Shipping Authority said Wednesday that Eilat Port will suspend all operations as of July 20 due to an escalating debt crisis that has paralyzed the strategic facility. In an official memo, Israel's National Emergency Authority said the shutdown was triggered after the Eilat Municipality froze the port's bank accounts over unpaid local taxes, making it impossible to maintain operations. Local media described the move as 'a dramatic step' that could undermine Israel's maritime logistics in the Red Sea. The emergency authority warned that the closure could halt logistical support for the Israeli Navy in the region, raising concerns about potential security gaps at a time of heightened regional tensions. In June, the Israeli government approved an emergency grant worth 15 million shekels ($4 million) to help cover the port's debts, but this was reportedly insufficient to restore normal operations. Local reports estimate that revenue for 2024 has dropped by nearly 80% amid a virtual standstill in vehicle imports and other cargo shipments since the outbreak of the Gaza war in October 2023. On Tuesday, the Israeli army said it intercepted a drone launched from Yemen by the Houthi group targeting the port city of Eilat. The Houthis claimed responsibility for a dual drone attack that they said struck the Eilat port and a military site in the Negev region, describing the attack as a 'successful simultaneous operation.' The incident highlights growing security risks in the Red Sea and southern Israel, adding pressure on an already struggling port that has faced severe revenue losses due to maritime threats and repeated disruptions in the shipping lanes. The persistent threat resulting from the Israeli war on Gaza has pushed Eilat's operations to the brink of bankruptcy and now to complete closure. The Port of Eilat, Israel's southernmost port on the Red Sea, has long served as a critical gateway for trade routes bypassing Egypt's Suez Canal. However, since November 2023, Yemen's Houthis have intensified missile and drone strikes on Israel and have targeted commercial shipping in the Red Sea, Gulf of Aden, and Arabian Sea in support of Palestinians in Gaza, where nearly 58,600 people have been killed in Israel's onslaught.
