QE2 sets sail in Dubai sell-off
CIRQUE DU SOLEIL, the Canadian circus group, and the QE2 cruise liner are among a raft of Dubai-owned assets being prepared for sale as part of a huge cash-raising exercise by the debt-laden emirate.
Advisers to Dubai World, the state-backed conglomerate, plan to offload a portfolio of trophy assets owned by Istithmar, its private-equity arm. The money raised will be used to pay off some of Dubai World’s $22 billion (£14 billion) debts. The group has about 100 large creditors, including British banks.
It is understood that advisers will attempt to sell each asset individually rather than find a single buyer for the whole portfolio. There has been strong interest in the Istithmar assets since Dubai World defaulted on its borrowings last November.
Istithmar, like its government-owned parent, was built up during a huge global spending spree. It snapped up businesses including Barneys, the New York retailer, the W and Mandarin Oriental hotels in New York, and a 50% stake in the Atlantis hotel at the Jumeirah Beach resort. It also owns London properties including the Adelphi office block overlooking the River Thames and the Grand Buildings complex on Trafalgar Square.
In Dubai, Emaar Properties drops 3.3 percent and Emirates NBD fell 2.8 percent, Shuaa Capital plunged 7.5 percent after reporting a fourth-quarter loss. and more »
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