UAE firm to transfer port operations to U.S. 'entity'

WASHINGTON (CNN) -- United Arab Emirates-owned DP World said Thursday it would transfer its operations of American ports to a U.S. "entity" after congressional leaders reportedly told President Bush that the firm's takeover deal was essentially dead on Capitol Hill.

"Because of the strong relationship between the United Arab Emirates and the United States and to preserve that relationship ... DP World will transfer fully the U.S. operations of P&O Operations North America to a United States entity," Edward H. Bilkey, DP World's chief operating officer, said in a statement.

I have also heard through the grapevine that Dubai is going to throw a little temper tantrum and sell off all of its US assets.