In the face of unrelenting congressional pressure, United Arab Emirates-controlled DP World said Thursday it will transfer control of its U.S. port operations to a “U.S. entity,” after key lawmakers warned President Bush that Congress appears set to block the deal.
“Because of the strong relationship between the United Arab Emirates and the United States and to preserve that relationship, DP World has decided to transfer fully the U.S. operation of P&O Operations North America to a United States entity,” DP World’s chief operating officer, Edward H. Bilkey, said in a statement Thursday. “We look forward to working with the Department of the Treasury to implement this decision.”
