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Tshuva wants Moshe Tery for Red-Dead canal project

The cost of the Red Sea-Dead Sea canal is estimated at $5-6 billion.

Lior Baron and Zeev Klein 22 May 08 17:01

Sources inform ''Globes'' that Delek Group Ltd. (TASE: DLEKG) controlling shareholder Yitzhak Tshuva has offered former Israel Securities Authority chairman Moshe Tery to head the proposed Red-Dead Seas canal project on his behalf. Tshuva has frequently declared his intention to promote the project, which has the support of President Shimon Peres who is responsible for the diplomatic aspects, and Minister of National Infrastructures Benjamin Ben-Eliezer, who is responsible for the domestic aspects.

The cost of the Red-Dead canal is estimated at $5-6 billion, of which $3 billion would be needed for digging the 170-kilomter canal through the Arava Valley. Project planners foresee the construction of joint Israeli-Jordanian resorts, free trade zones, and desalination facilities along the route of the canal. The desalination facilities would produce 900 million cubic meters of water a year, half of which would go to Jordan and the other half to Israel and the Palestinian Authority.

Last week, Tshuva told the Israel President's Conference that the Red-Dead canal could create more than one million jobs, including 300,000-400,000 for Palestinians. He said, "I promise that within two years from the start of the project, water will flow from the Red Sea to the Dead Sea. I know what I'm talking about; I've built a lot of projects."

Published by Globes [online], Israel business news - - on May 22, 2008

© Copyright of Globes Publisher Itonut (1983) Ltd. 2008
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