Israel’s Finance Ministry said on Tuesday that a consortium led by India’s Adani Group has completed the purchase of Haifa Port in northern Israel for 4 billion shekels ($1.15 billion). The sale of the port, which happens to be one of Israel’s main seaports, has taken five years. It marks the culmination of a nearly two-decade reform of an underperforming sector plagued for years by labour strikes.

Israel has been selling its state-owned ports and building new private docks in order to bring down costs and cut above-average waiting times for vessels to unload. About 99% of all goods move in and out of Israel by sea and port upgrades are needed to maintain economic growth.

Israel announced in July it would sell the port in Haifa, a major trade hub on the Mediterranean, to winning bidders Adani Ports and local chemicals and logistics group Gadot.

China’s Shanghai International Port Group (SIPG) last year opened a new port across the bay in Haifa.

The entry of SIPG and the Adani-led group promises to boost Israel’s standing as a regional trade hub.