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Public (Government-owned)
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1999
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Dubai
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Mohammed Sharaf (CEO) <br>Ted Bikey (COO) <br>Vijay Sharma (Finance) <br>Michael Moore (Commercial)
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Transport
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Ferries, port services, logistics services:
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$- USD
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is a company owned by the government of
Dubai in the
United Arab Emirates .
In
2006 , it agreed to purchase the
Peninsular And Oriental Steam Navigation Company (P&O) of the
United Kingdom , which was then the fourth largest ports operator in the world, for £3.9 billion ($7 billion), beating a bid from Singapore's
PSA International of £3.5 billion. P&O is one of the most famous names in British business, having been the largest shipping operator in the world at one time. DP World has promised to keep P&O's headquarters in London.
DP Terminals was founded in
1999 and DP World was created by a merger between the Dubai Ports Authority (DPA) and an international business, DPI Terminals.
See Also: Dubai Ports World controversy
P&O operated major U.S. port facilities in (R-NC) sent a one-sentence letter to the president that read, "Dear Mr. President: In regards to selling American ports to the United Arab Emirates, not just NO — but HELL NO!"
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On
February 22 ,
2006 , President George W. Bush threatened to
Veto any legislation passed by Congress to block the deal, which would be the first time in his presidency he would exercise the privilege. In a statement to reporters, Bush claimed, "It would send a terrible signal to friends and allies not to let this transaction go through."
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The controversy has created a public and unusually high-profile dispute within the Republican Party, and between the Republican-controlled Congress and the Republican-controlled
White House .
The debate has curiously divided the opposing sides into mixed camps, with the
New York Times ,
Lindsey Graham ,
The New Republic ,
Sean Hannity ,
Michael Savage ,
Laura Ingraham ,
Bill Frist ,
Chuck Schumer ,
Hillary Clinton ,
Robert Menendez ,
Frank Lautenberg ,
John Gibson ,
Jon Corzine , the
New York Post , and
Peter King opposing it, while the
Wall Street Journal , the
Los Angeles Times , the
Washington Post ,
Rush Limbaugh and
Bill O'Reilly supporting it.
On
February 23 ,
2006 , DP World volunteered to postpone its takeover of significant operations at the seaports to give the White House more time to convince lawmakers and the public that the deal poses no increased risks from terrorism.
DP World said on
2006-03-09 that it would transfer its operations of American ports to a "U.S. entity" after congressional leaders reportedly told President Bush that the firm's takeover deal was essentially dead on Capitol Hill.
