DP World eyes re-entry into the US market

DP 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.“The 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.“The 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.”DP 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 operations. However 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 Investment Group.  DP 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 emerging markets.“We continue to look for new opportunities within the emerging markets. At any given time we are looking at many, many projects,” Sharaf said.The 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 America. From / Arabian Business