Nor did DP World specify the timetable it had set for completion of the transaction.
Until recently, Sanborn was DP World's director of operations for Europe and Latin America .
The price is more than twice what DP World paid to buy ports in its previous deal.
Treasury Department spokesman Tony Fratto said DP World's willingness to work with Congress and address its concerns were appreciated.
Credit Suisse has advised DP World on the sale of real estate assets.
Neither Istithmar nor the city-state's profitable port operator DP World, which Bin Sulayem also chairs, are paying for the project, he said.
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Credit Suisse (nyse: CSR - news - people ) has advised DP World on the sale of real estate assets.
John Warner of Virginia, who had been working to craft a compromise, on Thursday announced the move by DP World on the Senate floor.
Security officials felt that, if anything, they would end up having a tighter security arrangement with DP World than with any other port manager in the country.
Bilkey, DP World's chief operating officer, said in a statement.
In the months before the DP World deal arrived, the officials running CFIUS had been busy changing their procedures to better ensure that security agencies would have their views heard.
The next year DP World, a firm backed by Dubai's government, was forced to pull out of a deal to acquire a slew of American ports after a similar reaction.
In early January 2006, DP World sent a dense three-page, single-spaced letter to the Department of Homeland Security promising to abide by all the U.S. government's port-security programs already in place.
Dubai had used some of its billions of dollars in oil money to build a world-class port of its own, and then created DP World to buy and manage other port operations.
Dubai is not only a center for re-export, it's a key hub for the whole of the Middle East, says Mohammed Al Muallem, Senior Vice President and Managing Director of DP World.
In 2008, Dubai-based DP World won a 25-year contract to expand and operate the port in the capital city, Dakar, which had been a major stopover for the French shipping business since the 1800s.
It was unclear exactly what DP World has in mind for the "entity" to which it will transfer the six port operations--or whether the entity might be simply a U.S. subsidiary of DP World itself.
Changes in the way the management, personnel and substantive guidelines involved in the so-called "45-day review" of the DP World deal now underway, so as to prevent it from being simply a reprise of the earlier, flawed decision-making process.
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Whether DP World was a safe partner or not, how would it look to Congress and the American public, in the midst of a war against terrorism emanating from the Middle East, to sell operations at some of America's most important ports to an Arab country?
News of the financial meltdown of Dubai World, a quasi-sovereign global concern that owns 77% of the international port manager DP World and the single largest real estate developer in Dubai known for its palm-tree shaped luxury residential developments, has raced from the business pages to the headlines of the front pages in a matter of days.
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