History of DPW
Dubai Ports World is a global force in marine port operations. The History of DPW began in 2005 when Dubai Ports International (a company set up in 1999) and Dubai Ports Authority combined forces. In the same year, the newly formed Dubai Ports World bought CSX World Terminals. In March the following year the company was given permission to purchase the Peninsula and Oriental Steam Navigation Company (P&O) which was, at the time, the fourth biggest port operator on the planet. The deal was worth £3.9 billion.
With the acquisition of P&O came a number of ports in the US. This part of the History of DPW is known as the Port Security Controversy. Both sides of congress were up in arms that regulators should allow an Arab country direct access to the country through ports on America’s eastern seaboard and the Gulf of Mexico.
Congress said that they would push through legislation to block the move. They were told by the then President, George W Bush, that he would personally veto any such legislation. Bush said that stopping the deal would send a negative message to friends and allies. DP World finally decided that it would be best to sell its US holdings to a US company and handed P&O’s American holdings over to Global Investment group.
By 2008, DP World was flying high handling 8 per cent more containers than the year before. However, the following year the History of DPW took a turn for the worse when it was given the status of ‘junk’ amid the Dubai debt problems.
Not to be put off, Dubai Ports World says that a programme of expansion will see it double its operations within a decade.