Click here for the hard truth about the current job marketAugust 31, 2015 8:50
Cash in before you’re forced out
Dubai’s companies have come a long way since they were surrounded by doomsday predictions and debt last year. But as they start to offload assets, are they jumping or are they being pushed?
December 12, 2010 8:51 by Eva Fernandes
DIC is the private equity arm of Dubai Holding, and it’s not the only major Dubai company offloading assets. Early this week the National also reported that Istithmar World is considering selling its share in a shopping and entertainment development in Cape Town. Istithmar, which is owned by Dubai World, hasn’t confirmed the speculation surrounding the sale of the Victoria and Alfred Waterfront shopping and entertainment complex, but a source within Dubai World has told the paper Istithmar is prepared to sell if it receives an attractive offer.
And though Dubai World has recently worked on a debt-restructuring, the past year has seen it offload a number of assets, including a $254 million stake in the former Metropole Hotel building in London, International Hotel Investments (IHI) and an exit from a $50 million fund to develop and own 30 no-frills Tune hotels.
The sale of the waterfront shopping and entertainment complex is still in its speculative phase, but Dubai World seems to have the right idea – sell the assets when you can, at your own discretion and in your own time. In the case of Alliance, DIC, by holding on too long, seems to have lost out against its will and in a deal that was beyond its control.
Pages: 1 2