With Dubai’s debt reaching the $50 billion mark, the country’s conglomerate, Dubai World, has set its liquidation plans:
FT: Abdulrahman al-Saleh, director-general of the department of finance, said that as part of Dubai World’s $26bn debt restructuring, the holding company would sell some of its foreign investments and real estate assets, which include the QE2 cruise liner and Cirque du Soleil, the Canadian circus operator.
“There is nothing to prevent [Dubai World] selling these assets,” Mr Saleh told Al Jazeera television.
Sounds good and all, until you realise all the profitable stuff is tied up with PE part, Istithmar:
However, the group has said it does not intend to include private equity arm Istithmar and DP World, the profitable ports operator which includes P&O, or Jebel Ali Free Zone, the operator of one of Dubai’s key economic development zones, within the restructuring process.
Istithmar has assets across the world, from New York retailer Barney’s to the V&A Waterfront, a retail and property development in South Africa.