Dubai Firm Backs Out of Ports Deal
Posted on Mar 9, 2006
WASHINGTON - A Dubai-owned company abruptly abandoned its plan for managing operations at six U.S. ports Thursday, defusing an election-year showdown between President Bush and the Republican-controlled Congress over an issue that had become a political land mine for the GOP.
“DP World will transfer fully the U.S. operations ... to a United States entity,” H. Edward Bilkey, the company’s top executive, said in the surprise announcement that seemed to spread relief throughout the Capitol and the White House. It was unclear which American business might get the port operations.