Dubai Ports said to win China deal

Report: Port operator, at the center of last year's U.S. controversy, wins $448 million contract for terminal in northern China.


NEW YORK (CNNMoney.com) -- Dubai Ports World, which sparked political controversy in 2006 when it tried to buy major U.S. port assets, has won approval for a new $448 million container terminal in northern China, according to a news report Monday.

The company, based in the Emirate of Dubai, has earned permission to build and operate four shipping ports in the city of Qingdao, the Wall Street Journal reported.

The ports operator has expanded rapidly in recent years, becoming the world's fourth-largest container port operator, primarily through acquisitions.

Officials with the company could not be reached by the paper, the Journal said.

DP World operates around 50 terminals overall around the world, according to Hoover's. It is owned by the government of Dubai.

DP World competes with Hutchison Whampoa (Charts), Orient Overseas and PSA International in the ports business.


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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.