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.