Dubai World refused asset sale, says report

Dubai World refused asset sale, says report

The Dubai government-owned conglomerate…

November 29, 2009 6:16 by kippreport

The Dubai government-owned conglomerate Dubai World refused to sell some of its assets in the last few months, according to a report in the Arabic daily, Al Ittihad. “The group has categorically refused in recent months to sell several properties and investments at low prices,” an official told the paper.

“The sale of these assets should be on a fair, commercial basis, allowing the group to achieve its strategic long-term (goals) away from cyclical economic pressures,” the official added.

Dubai had announced on Wednesday that it was restructuring Dubai World, and requested a six-month “debt-standstill” for the conglomerate and its property arm, Nakheel.

Tags: asset, debt problem, Dubai, Dubai World, sale

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1 Comment

DeniseTheMenace on November 30, 2009 1:08 pm

as if there was a well-thought out Long-term Investment strategy in place in the first place….There wasn;t and there isn;t one now…. Its just see-sawing b/t PR-damage control & putting up the typical, politically-correct face to locals of bravery in face of adverse circumstances ………

Keep SMILING !!!!!!!!!!!