Sharjah: Dubai Ports World has confirmed that it will continue with the sale of its US port operations in New York, New Jersey, Newark, Baltimore, Philadelphia, Tampa and New Orleans next month. The stalemate in price negotiations was resolved when the impending buyer American International Group (AIG) agreed to a direct payment of $10m to the Port Authority of New York and New Jersey in addition to a $40m commitment to long term infrastructure improvements at the Port Newark Container Terminal.
"We're pleased that we've reached an agreement that both protects our public investment and helps insure that AIG is a long-term partner in the health and growth of the ports," Port Authority spokesman Stephen Sigmund told reporters.
DP World made the decision to sell its American interests following a political uproar labelling the Middle Eastern company's ownership of the terminals as a threat to national security. [20/02/07]
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