DP World defuses ports row

Dubai: Dubai Ports World said yesterday it will transfer operations of six US ports to an American company in order to preserve the "strong relationship" between the US and the UAE. The move came after a directive from His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

"DP World will transfer fully the US operations of P&O Ports North American, Inc., to a United States entity," Edward Bilkey, CEO of DP World, said in a statement. "This decision is based on an understanding that DPW will have time to effect the transfer in an orderly fashion and that it will not suffer economic loss."

P&O deal clinched

The announcement came as the Dubai company finally clinched its takeover of P&O yesterday. Stock of the publicly-traded P&O was delisted after DP World finalised the purchase.

The Dubai-owned company is now the world's third-largest port operator, with 45 terminals worldwide.

Following the deal, the Dubai-owned company said yesterday it is looking to grow. "The combined business allows us to offer our customers an enhanced global network of top quality terminal services," said Sultan Bin Sulayem, chairman of DP World.