And a Victory for US Security!

Dubai Company to Give Up Stake in U.S. Ports Deal
Thursday, March 09, 2006
By Liza Porteus

WASHINGTON — A United Arab Emirates-owned company said Thursday it would give up its management stake in a controversial ports deal that has taken Washington by storm and has caused massive upheaval in the president's own party.

The Thursday announcement came just hours after Republican leaders warned President Bush that the House and Senate appeared ready to block Dubai Ports World from taking over some terminal operations at six U.S. ports.

"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, read on the Senate floor by Sen. John Warner, R-Va.

The company said its decision was "based on an understanding that DP World will have time to affect the transfer in an orderly fashion and that DP World will not suffer economic loss."