DP World sells port operations to "Big Insurance"


Dubai-Based Company Sells U.S. Port Businesses

By HEATHER TIMMONS
Published: December 11, 2006

LONDON, Dec. 11 — Terminal operations at six American seaports were sold today by the Middle Eastern company that briefly controlled them, closing a controversial chapter in American security and foreign policy.

The company, DP World — based in Dubai, one of the United Arab Emirates — said today that it had agreed to sell all its United States holdings, including the 6 terminal operations, cargo-handling businesses at 16 American ports and the passenger-ship terminal in New York City, to a subsidiary of the American International Group, the giant American insurance company.

The six terminal operations include the ports of New York, Newark, Baltimore, Philadelphia, Tampa and New Orleans. DP World, which is owned by the Dubai government, acquired the leases and operating contracts for the six ports in February when it bought a British port and shipping company, Peninsular and Oriental Holdings, for $6.8 billion.

The deal prompted an immediate storm of criticism from American politicians of both parties, who claimed that it threatened national security and was being rushed through without proper regulatory scrutiny. Their objections were based in part on the fact that several of the Sept. 11 hijackers moved through the United Arab Emirates before coming to the United States, and made use of its banking system.

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