Trade
The global Trade of bulky items relies heavily on the existence of large container ships. These ships in turn rely on deep sea ports for the loading and unloading of their cargo. One of the world leaders in the operation of marine ports is Dubai Ports World. The logistics company came into being when Dubai Ports Authority joined forces with Dubai Ports International.
The company quickly expanded and in its first year managed to acquire CSX World Terminals. The following year Dubai Ports World was permitted to purchase P&O for £3.9 billion. The company was, at the time, one of the largest port operators in the world. The additional properties allowed Dubai Ports World to Trade in a greater number of countries around the world.
P&O had a presence in a number of ports in the US. When Congress was told about the potential of and Arab owned firm overseeing Trade in ports on the Atlantic and in the Gulf of Mexico, there was outcry.
The then president, George W Bush, said he supported the move but Congress threatened to pass legislation to block it. Bush said he would veto any such legislation. The situation was eventually defused when Dubai Ports World agreed to sell its US holdings to and American buyer, allowing it to concentrate on Trade elsewhere.
Dubai Ports World now has operations in 31 countries around the world, employs around 30,000 people and ships around 50 million TEUs every year.