US Opposition to UAE port takeover could harm trade negotiations
Growing opposition in the United States to the takeover by DP World of P&O's port operations could threaten free trade negotiations between the US and the UAE, said Central Bank Governor of the UAE, Sultan bin Nasser Al Suwaidi.
The move by US lawmakers to block the $6.8 billion takeover, according to Suwaidi, "Is something that doesn't reflect well," reported <i>Khaleej Times</i>.
Suwaidi said that the issue would be raised on March 13, when the next round of trade negotiations are set to take place between the two countries.
Despite the controversy, Mohammed Sharaf, Dubai Ports World's CEO, said that the transaction was progressing as planned, and that the company would push forward with the acquisition of terminal operations in US ports despite resistance in US Congress.
"As far as we are concerned, the deal is going to go through. The matter is basically waiting for the money to be transferred to the investors," said. Sharaf.
Concern still remains among lawmakers in the United States, who claim that the takeover leaves too many security concerns out of the US's hands.