A day after two United States senators called the Port Authority of New York and New Jersey greedy and obstructionist, the agency signed off on a deal that would let DP World, a Dubai-based port operator, sell its leases to A.I.G. Global Investment Group.
In return for its consent, the Port Authority will receive $10 million from A.I.G. to help pay for an overpass that will make it easier for trucks to deliver containers from the company’s terminal to train lines. A.I.G. also agreed to spend more than $40 million to improve operations at its terminal at the Port of Newark.
The agreement was somewhat of a compromise by the Port Authority, which had asked for $30 million to cover investments it had made on behalf of DP World and a $50 million commitment from A.I.G. to spend on the port.
The deal all but closes a politically charged debate over which companies should run port terminals in the United States and in particular the New York area. DP World, the port operator owned by the royal Maktoum family of Dubai, United Arab Emirates, inadvertently set off a firestorm last year when it bought P&O Ports North America, a British company that operated ports in New York, New Jersey, Philadelphia and elsewhere. Continue to the full story from Source.
In return for its consent, the Port Authority will receive $10 million from A.I.G. to help pay for an overpass that will make it easier for trucks to deliver containers from the company’s terminal to train lines. A.I.G. also agreed to spend more than $40 million to improve operations at its terminal at the Port of Newark.
The agreement was somewhat of a compromise by the Port Authority, which had asked for $30 million to cover investments it had made on behalf of DP World and a $50 million commitment from A.I.G. to spend on the port.
The deal all but closes a politically charged debate over which companies should run port terminals in the United States and in particular the New York area. DP World, the port operator owned by the royal Maktoum family of Dubai, United Arab Emirates, inadvertently set off a firestorm last year when it bought P&O Ports North America, a British company that operated ports in New York, New Jersey, Philadelphia and elsewhere. Continue to the full story from Source.
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