Dubai sells ports operations to American company

| 12/12/2006

A company based in Dubai has sold the terminal operations at six major U.S. ports, as well as numerous smaller port contracts, to a subsidiary of AIG, a large American insurance company.

According to the New York Times, the selling price wasn't revealed, but could be as high as $1 billion.

The six ports - which include New York, Baltimore and New Orleans - were acquired by the United Arab Emirate company Dubai Ports World in February. It also took over cargo-handling operations at 16 other U.S. ports.

However, Dubai Ports World announced it would sell all the operations after congressional opponents cited security concerns.