Dubai assets go on the block
DUBAI – The sale of some of Dubai’s major tourism assets is underway.
Advisers to Dubai World, the state-backed conglomerate, plan to offload a portfolio of trophy assets owned by Istithmar, its private-equity arm.
Cirque du Soleil, the Canadian circus group, the QE2 cruise liner and a 50 percent stake in Atlantis the Palm are among a raft of Dubai-owned assets being prepared for sale as part of a massive cash-raising exercise by the embattled emirate.
Istithmar bought the QE2 from Cunard in June 2007 for $100 million and planned to convert it into a floating hotel and entertainment centre
Money raised from the asset sales will be used to pay off some of Dubai World’s US$22 billion debts.
Times Online understands that advisers will attempt to sell each asset individually rather than find a single buyer for the whole portfolio.
During the spending spree years Istithmar bought a host of businesses such as the W Hotel and Mandarin Oriental hotels and retailer Barneys in New York.
Just weeks after Dubai World defaulted on its loan repayments, Istithmar was forced to accept $2m for its W Hotel in New York at a foreclosure auction, leaving it with a $283m loss.
In another blow for the emirate, tourists are being turned away from the Burj Khalifa – the world’s tallest tower.
According to The National newspaper in Abu Dhabi, the Burj Khalifa’s operator, Emaar, did not shed any light on the reasons for the sudden closure. 


On Sunday the viewing area on the 124th floor was shut to the public until further notice, little more than a month after it opened.
The Burj Khalifa boasts more than 160 storeys. The exact number is not known.
The observation deck, mostly enclosed but includes an outdoor terrace bordered by guard rails, is located about two-thirds of the way up on the 124th floor.
Adult tickets bought in advance cost 100 dirhams, or about US$31. Visitors wanting to enter immediately can jump to the front of the line by paying 400 dirhams – about US$126 – apiece.
Ian Jarrett
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