February 26, 2006
JS-4072
CFIUS Welcomes Dubai Ports World’s Announcement to Submit to New Review
The Committee on Foreign Investment in the United States (CFIUS) today welcomed the announcement by Dubai Ports World (DPW) that it will submit for review its proposed acquisition of control of U.S. port terminal operations.
Specifically, DPW has asked for a CFIUS review, including the 45-day investigation under the Exon-Florio amendment, based on a restructured transaction that the company intends to file with the Committee. Upon receipt of the new notification, CFIUS will promptly initiate the review process and fulfill DPW's request for a full investigation.
Over a nearly three-month period starting in October 2005, representatives of the 12 departments and agencies that comprise CFIUS, with assistance from the Intelligence Community, thoroughly investigated the transaction for national security concerns. CFIUS brought the Departments of Transportation and Energy into the review process to widen the scope and expertise of the national security scrutiny. These agencies will again be invited to participate in this new review process.
Background on CFIUS
CFIUS operates under the authority granted by Congress in the Exon-Florio amendment (Section 721 of the Defense Production Act of 1950). CFIUS brings together 12 departments and agencies with diverse expertise to ensure that all national security issues are identified and considered in the review of a foreign acquisition.
CFIUS member agencies are: The Departments of Treasury (Chair), State, Defense, Justice, Commerce, and Homeland Security, as well as the National Security Council, National Economic Council, United States Trade Representative, Office of Management and Budget, Council of Economic Advisors, and the Office of Science and Technology Policy.
The Departments of Energy and Transportation and other U.S. agencies are invited to participate in the consideration of transactions that have an impact on the industries under their respective jurisdictions.
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For more information on CFIUS, the DP World Transaction and securing U.S. ports, please visit the following links:
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