Dubai firm drops takeover of Port Newark, other U.S. ports

Posted: Updated:

(03/09/06) NEWARK ? A controversial deal that would have transferred some Port Newark operations to a state-run company of the United Arab Emirates is dead.

Dubai Ports World announced Thursday it was no longer going to pursue a stake in the operations of six U.S. ports. Many leaders from both the Republican and Democratic parties spoke out against the deal, saying it would pose a major threat to America?s homeland security. Critics say the United Arab Emirates recognized the Taliban government in Afghanistan, which harbored Osama bin Laden. They also accused the country of controlling the transfer of nuclear parts to Iran, Libya and North Korea.

An executive for Dubai Ports World says the company will transfer U.S. operations to a United States entity. Lawmakers opposed to the takeover want to ensure the entity in question is an American company with no ties to Dubai Ports World. In addition to the political backlash, people involved with the deal faced opposition from local teamsters and longshoremen.

Related stories: Coast Guard maintains constant watch over New Jersey ports Judge rejects New Jersey's request for port deal probe Corzine gives reasons for NJ suit to block Port Newark takeover

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