Within six weeks, DP World will reportedly sell all of its US ports, most likely to an international shipping line, say industry sources. The news of the imminent sale comes despite concerns that the company would be realize the deal’s full value given the time constraints for disposal of the US assets.
"It has been an interesting bid process and there are many interested parties despite the speculation that the assets were overpriced — I am very happy with the way the matter has progressed,” state Jamal Majid bin Thaniah, group chief executive of Ports and Free Zone World according to Khaleej Times.
Whatever firm ultimately takes over DP World’s US ports’ business, it will also need to overcome objections from US regulators regarding homeland security and the issues raised from the P&O acquisition, the reasons behind the sale by DP World, after objections arose within US political leadership regarding homeland security in the US. The UAE leadership subsequently decided to sell the US component of the acquisition — a decision that has had far-reaching consequences for US trade policy.
"Congress misinterpreted our acquisition and ruined public opinion and this took us by surprise" he said.
Thaniah maintained that there was no long-term damage to economic and political relations, "to abandon our operation in North America was to restore and keep the strong relationship between the UAE and US — it is business as usual" he stated.
