Dubai Ports World To Sell Controversial Ownership of American Ports

Dubai Ports World, the company whose planned takeover of
major U.S. port operations ignited a political firestorm earlier
this year, has agreed to sell those operations to AIG Global
Investment Group.

The U.S. operations at six major U.S. seaports in New York -
New Jersey, Philadelphia, Baltimore, Miami, Tampa and New
Orleans were valued at about $700 million, but DP World did
not disclose the sales price.
The company announced the deal Monday.
The deal also involves stevedoring operations in 16 locations
along the eastern seaboard and Gulf Coast and a passenger
terminal in New York City.

"While we are disappointed to be exiting the U.S. market, the
price we received was fair," Sultan Ahmed Bin Sulayem, the
chairman of DP World, said in a statement announcing the deal.

The sale requires regulatory approval from several port author-
ities, including New York and New Jersey.
It is expected to close in the next few months, DP World said.


SOURCE:
Seattle Times

I'm sure many people will be glad to hear about this,
considering how controversial the whole thing was.

Personally I did'nt mind DPW owning them, as I consider
Dubai to be one of the few countries in the Middle-East
that is friendly.


Comments, Opinions?

Its scary to think of all the foreign interests in North America.

If a majority of these businesses pulled out or sold off to the wrong buyers, there could be a heap of trouble in a big hurry.

I suppose it would not be easy to sell such businesses off to the wrong people, but if a few dummy corps slipped through or were so well hidden that they make it through the screening process ( I hope there is some type of screening process ), kaos would ensue.

They're selling most of their stakes to AIG. AIG is already under investigation. How throughly checked was AIG? Are we assuming that they're not muslims, therefore they're ok? Who was checked more, AIG or DPW?

Originally posted by Grailkeeper
Its scary to think of all the foreign interests in North America.

Why? Whats wrong with people from other countries starting their business here?

If a majority of these businesses pulled out or sold off to the wrong buyers, there could be a heap of trouble in a big hurry.
Who are 'the wrong buyers'?
The foreign held assets are constantly being sold.

I suppose it would not be easy to sell such businesses off to the wrong people, but if a few dummy corps slipped through or were so well hidden that they make it through the screening process ( I hope there is some type of screening process ), kaos would ensue.

?

What are you talking about? Likesay, walmart is sold to a chinese company, which is really a front for their government, and then it closes all the walmarts?

[edit on 13-12-2006 by Nygdan]