World has not ruled out re-entering the US market and continues to look for
suitable assets to acquire, the CEO of the state-backed ports operator said.
US market is something we have continuously said that at the right time we will
go back. When is the right time? I don’t know myself,” Mohamed Sharaf, the
firm's chief executive officer, told Arabian Business in a conference call.
US is a market that we are watching and we will continue to watch and, if you
get the right product at the right time, certainly we will be there.”
World has a troubled history with the acquisition of US assets. The Dubai-based
ports operator bought the UK-based Peninsular and Oriental Steam Navigation
Company (P&O) in March 2006, including the company’s six US port
the $7bn deal floundered after US politicians argued the takeover would compromise
port security. The Dubai conglomerate later volunteered to turn over the management
of the ports to US entity, and later sold the American operations to Global
World, which reported an 11 percent rise in container volumes in the first half
of the year, said in July its primary focus remained on the fast-growing
continue to look for new opportunities within the emerging markets. At any
given time we are looking at many, many projects,” Sharaf said.
third-largest ports operator in the world in July bought controlling interests
in two ports based in Suriname, a state on the north-east coast of South
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.