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Archive for Tuesday, December 12, 2006

Dubai Ports sells U.S. operations

December 12, 2006

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— 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 company announced the deal Monday. 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 approximately $700 million, but DP World did not disclose the sales price.

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.

AIG Global Investment Group is an asset management firm with more than $635 billion in assets. It is a unit of the New York-based insurance giant American International Group Inc.

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