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Dubai Firm Pulls Out of U.S. Port Deal

HeadlineMar 10, 2006

The Dubai-based firm DP World has announced it will not take control of operations at six U.S. ports following a firestorm of criticism. Instead the company said it would transfer the management of the ports to an unnamed U.S. entity. It remains unclear whether DP World plans to sell off its U.S. assets or set up a U.S.-based subsidiary to run the ports. Congress had threatened to derail the handover of port operations to DP World claiming national security would be endangered if a company run by the United Arab Emirates operated the ports. But President Bush vowed to veto any legislation put forward by Congress to block DP World from taking over port operations. The Washington Post reports one company that might take over for DP World is the Carlyle Group. Halliburton has also been mentioned as a possible buyer.

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