Dubai World: The Story That Won't Die
Thursday February 15, 2007
Newark causes snag in proposed sale of US assets
Last year, Dubai Port World (DP World) found itself in a political firestorm after the Bush Administration approved its purpose of a UK-based firm that had extensive US port management contracts.
Last year, Dubai Port World (DP World) found itself in a political firestorm after the Bush Administration approved its purpose of a UK-based firm that had extensive US port management contracts.
AP reports that the firm is now entangled with The Port Authority of New York and New Jersey over compensation for "improvements the port agency has made to the Port Newark Container Terminal in Newark, N.J." The WSJ reports that this is the only facility to hit a snag.
Late last year, DP World approved the sale of its US operations to AIG Global Investment Group (pdf). News reports about the controversy in early 2006 focused on six US ports, including the Newark facility, although the deal was far larger than initially reported.
Tip to S. Roche.