Dubai firm to sell U.S. ports

| 11/29/2006

A company owned by the Arab Emirate of Dubai is preparing to sell $700 million worth of U.S. port operations to an unnamed American buyer.

According to The Associated Press, the sale of port activities in New York, Miami, New Orleans and three other major cities - as well as 16 smaller operations - is expected within weeks.

The Dubai company obtained the U.S. port contracts when it bought a British company, but decided to sell its American interests following a storm of controversy in Congress about security concerns.