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.