Dubai firm backs down

By Administrator |

Dubai Ports World (DPW) has announced that it is backing out of its original plan to run six major US ports as part of its takeover of P&O.The Dubai-based firm took the decision ahead of

a 62 to 2 White House committee vote against approving the deal and continued insistence by President Bush that he would veto any amendment aimed at stopping the deal.
The fact that DP World took the decision itself to announce that it would transfer the ownership of these ports to a US entity has saved Bush?s blushes, even though many of his political enemies actually thought he was quite right to support the DP World deal.
The news has ended speculation that DP World might walk away from the P&O deal altogether, leaving P&O Ferries Division high and dry along with the rest of the company. DP World has given an undertaking that it will operate the ferry company as a going concern as part of the ports to ferry deal.

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