Dubai Ports World, an Arab company, showed a great deal of interest on November 29, 2005 to acquire The Peninsular and Oriental Steam Navigation Company ("P&O") a British company for £3.
3 billion.
P&O is one of the top four international port operators with 29 container terminals and operations in 18 countries across the globe, generating 80 percent of the Group's total profits.
With the acquisition of P&O, Dubai ports world would automatically take over operations at six U.
S.
ports which includes ports in New York, New Jersey, Baltimore, Philadelphia, Miami, and New Orleans.
Due to 9/11 attack, this deal has been so much criticized with a wave of protectionism in mind that it will be an open passage for terrorists to come into the U.
S.
, because two of the 9/11 hijackers happened to be homed in United Arab Emirates (UAE), the country in which the company is based.
But critics forced to argue the economic discussion on top of security reasoning.
Dubai Ports World has been operating in different countries and playing by the rules.
It also has a very good business record in other parts of the world.
Dubai also is a key ally in the war on terror.
The Chief Operating Officer of Dubai Ports World, Edward Bilkey, born in America and its security chief, sought to disperse the approval process myths and the company's security record.
Edward Bilkey said that "I firmly believe that the security of our country, the United States, is well-served and in fact enhanced on numerous levels by allowing this transaction to go forward.
" The Dubai government has recently announced the purchase of 32 storey building on 280 Park Avenue in midtown manhattan for $1.
2 billion.
Park Avenue is one of the world's most expensive property locations in world 10th most expensive city, New York.
This property was bought by Istithmar from Boston Properties and considered to be third New York property deal announced by Istithmar.
The current U.
S.
account deficit hit was $804.
9 billion in 2005, and could top $1 trillion a year in 2006.
However, it is imperative for U.
S.
to attract more foreign investments to keep the dollar from falling.
3 billion.
P&O is one of the top four international port operators with 29 container terminals and operations in 18 countries across the globe, generating 80 percent of the Group's total profits.
With the acquisition of P&O, Dubai ports world would automatically take over operations at six U.
S.
ports which includes ports in New York, New Jersey, Baltimore, Philadelphia, Miami, and New Orleans.
Due to 9/11 attack, this deal has been so much criticized with a wave of protectionism in mind that it will be an open passage for terrorists to come into the U.
S.
, because two of the 9/11 hijackers happened to be homed in United Arab Emirates (UAE), the country in which the company is based.
But critics forced to argue the economic discussion on top of security reasoning.
Dubai Ports World has been operating in different countries and playing by the rules.
It also has a very good business record in other parts of the world.
Dubai also is a key ally in the war on terror.
The Chief Operating Officer of Dubai Ports World, Edward Bilkey, born in America and its security chief, sought to disperse the approval process myths and the company's security record.
Edward Bilkey said that "I firmly believe that the security of our country, the United States, is well-served and in fact enhanced on numerous levels by allowing this transaction to go forward.
" The Dubai government has recently announced the purchase of 32 storey building on 280 Park Avenue in midtown manhattan for $1.
2 billion.
Park Avenue is one of the world's most expensive property locations in world 10th most expensive city, New York.
This property was bought by Istithmar from Boston Properties and considered to be third New York property deal announced by Istithmar.
The current U.
S.
account deficit hit was $804.
9 billion in 2005, and could top $1 trillion a year in 2006.
However, it is imperative for U.
S.
to attract more foreign investments to keep the dollar from falling.
Source...