American International Group to acquire Dubai’s U.S. port assets

American International Group to acquire Dubai’s U.S. port assets

US based Insurance giant American International Group has said that they would be acquiring the Dubai Ports World’s investment in several U.S. ports.

This would help settle down the criticism about foreign operators in American harbors.

AIG Global Investment Group said in a statement that they would be buying leases of marine terminals in Newark, N.J., Philadelphia, Baltimore, Tampa, Fla., and New Orleans.

These deals would require federal and state regulatory permissions. None of the involved parties have revealed the financial aspects of this deal.

Josh Schaff, a ports analyst for Moody’s Investors Service spoke on this deal: “In the last 12 months, there has been a lot more investment activity in the various financial markets that has targeted infrastructure assets and terminal operators in particular. AIG is not interested in running terminals at U.S. ports. They are looking for very steady sources of income over a long time horizon.”