Is QE2 doomed to the scrap heap in India? Bring out the worry beads!
Cruise Ship History: Dubai may sell former Cunard Line QE2 to tackle debt crisis – The high-profile “trophy asset” of Dubai’s boom years may have to be sold to pay off the emirate’s mounting debts. The QE2 competes with the RMS Titanic for media attention.
From The Daily Telegraph:
The QE2 arrives at Port Rashid in Dubai. The Gulf state may have to sell the high profile asset acquired during the boom years.
Dubai World, the state-run company at the heart of a default crisis that has sent shock waves through the global financial system, bought a string of prestige stakes and properties as the city grew. The team of auditors brought in by the government, led by one of Britain’s leading experts in restructuring troubled firms, is to trawl through all the company assets with no options ruled out, a spokesman confirmed on Friday.
The dream that will never happen. Dubai goes broke and where will the most famous cruise liner in the world end up?
The Daily Telegraph also understands that Abu Dhabi is giving close scrutiny to ‘non-core’ assets like the QE2 in the Dubai World portfolio.