Haifa tunnels to open Wednesday

The toll tunnels will become operational 17 years after the first tender was published.

The Carmel Tunnels will open Wednesday morning (Dec. 1) at 6 am. The toll tunnels will become operational 17 years after the first tender was published, but five months ahead of schedule.

In building Israel's first urban toll road, franchisee Carmelton Ltd., which is jointly owned by Arison Holdings Ltd. unit Shikun u'Binui Holdings Ltd. (Housing and Construction) (TASE: HUCN) (50%) and Ashtrom Properties Ltd. (TASE:ASPR) (50%), invested NIS 1.5 billion.

Estimated annual income from the tunnels will be NIS 160 million so that Carmelton should see its investment returned in less than a decade.

The tunnels will pass under Haifa from Hof Hacarmel in the west, at the southern entrance to the city, to the Checkpost junction east of the city. The tunnel is in two sections with a break at the Ruppin Interchange in central Haifa. Driving the entire 4.7 kilometers from Hof Hacarmel to Checkpost will take eight minutes and will cost NIS 11.40. for private cars. Those using the midway point at the Ruppin Interchange will only pay NIS 5.70. Public vehicles will pay triple the toll, and trucks will pay fivefold.

Published by Globes, Israel business news - www.globes-online.com - on November 30, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010

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