The Adani Group bought the important Israeli port of Haifa on Tuesday for USD 1.2 billion, and as part of its commitment to spend further in the Jewish state, including building an AI lab in Tel Aviv, it has promised to change the Mediterranean city's cityscape.

While Israeli Prime Minister Benjamin Netanyahu signed the agreement to acquire Haifa Port, Adani Group Chairman Gautam Adani, whose corporate empire was shaken by claims of fraud by US short seller Hindenburg Research, spoke about investment potential.

The agreement between the Adani Group and the Haifa port, according to Prime Minister Netanyahu, is a "enormous milestone" that will greatly enhance connectivity between the two countries in a variety of ways.

The Port of Haifa is the main port for shipping tourist cruise ships and the second largest port for shipping containers in Israel.