UPDATE:Dubai World To Sell Trophies To Raise Cash - Report |
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Sunday, Feb 07, 2010
(Adds more background.)
DUBAI (Zawya Dow Jones)--Dubai is preparing to sell off a raft of assets, including Canadian circus group Cirque du Soleil and the QE2 cruise liner, as part of a huge cash-raising exercise, The Times reports Sunday, without saying where it got the information.
Advisers to government-owned conglomerate Dubai WorldDubai World
plan to offload a portfolio of trophy assets owned by IstithmarIstithmar
, its private-equity arm, to pay off some of Dubai WorldDubai World
's $22 billion debts, the paper reports.
A spokesman for Dubai WorldDubai World
was unreachable for comment Sunday.
Advisers will attempt to sell each asset individually rather than find a single buyer for the whole portfolio, it says. The sale of some Dubai WorldDubai World
assets has already started. Istithmar PJSCIstithmar PJSC
, the company's investment unit, raised about $37 million from the sale this week of its 13.4% stake in Indian budget airline SpiceJet Ltd.
Newspaper Web site: http://www.timesonline.co.uk
-Dubai Bureau, Dow Jones Newswires; +9714 446 1685; djnews.dubai@dowjones.com
Copyright (c) 2010 Dow Jones & Co.
(END) Dow Jones Newswires
07-02-10 1321GMT
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