Company in United Arab Emirates to Oversee Six U.S. Ports
By Carol Kennedy
Published on February 16, 2006
DP World purchased Oriental Steam Navigation and Peninsular, a London-based company, in a $6.8 million transaction. Representatives from DP World say they won approval of the sale from a secret U.S. government panel that evaluates security risks of foreign companies. The sale will directly effect operations in New Jersey, New York, Baltimore, New Orleans, Philadelphia and Miami.
According to officials from the U.S. Committee on Foreign Investment, the committee did not recommend President Bush block the sale because they thoroughly reviewed the transaction and saw no reason to object.
The Bush administration considers the UAE a strong ally in the war on terrorism.
Opponents of the transaction believe the sale will put the already vulnerable U.S. ports at greater risk of terrorism.
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