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Who is the owner of Dubai Ports World?
Dubai Ports World eventually sold P&O's American operations to American International Group 's asset management division, Global Investment Group for an undisclosed sum. The company is now known as Ports America. In New Jersey it operates as Port Newark Container Terminal (PNCT). Highstar Capital is shopping the company.
Why was the Dubai Ports World deal controversial?
Although the sale was approved by the executive branch of the United States Government, various United States political figures argued that the takeover would compromise U.S. port security. U.S. President George Bush argued vigorously for the approval of the deal, claiming that the delay sends the wrong message to U.S. allies.
When did DP World drop the Dubai deal?
Despite President's Bush previous intention to veto the legislation, DP World announced on March 9, 2006 that they will drop the deal and transfer operations to a U.S entity to defuse the situation.
Are there any security risks with Dubai Ports?
In December 2005, Coast Guard intelligence officials raised the possibility of significant security risks associated with the management of some U.S. port operations by a Dubai company, stating in a report that broad intelligence gaps prevented them from assessing the risks.
Last Update: Oct 2021
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