Deloittes are understood to be advising debt-ridden Dubai World on financial restructuring which is expected to involve something of a firesale of assets. These. however, are to be sold as individual assets rather than in a single portfolio.
The asset sale is likely to include the Clydebuilt QE2, owned by Dubai World’s investment wing, Istithmarh. This company bought the QE2 from Cunard for $100m in June 2007, planning to turn it into a luxury floating hotel, berthed at the man-made Palm Jumeirah island. This plan has never got off the ground.
As concerns have grown on Istithmarh’s and Dubai World’s financial stability, wordwide fans of QE2 have lived in a fairly constant state of anxiety as to her fate.
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