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Updated Tuesday, February 9, 2010 12:41 am TWN, Agencies

Dubai World sale puts QE2 on the block

Dubai is preparing to sell off a raft of assets, including Canadian circus group Cirque du Soleil and the QE2 cruise liner, as part of a huge cash-raising exercise, The Times reports Sunday.

State-backed investment firm Dubai World plans to sell a raft of assets owned by its private equity arm Istithmar.

Dubai World is saddled with debts equivalent to US$21.9 billion and sent shockwaves through global markets last November when it asked to delay repayments to around 100 banks while it attempted to tackle its finances.

Istithmar bought the QE2 from Cunard in 2007 for US$100 million amid plans at the time to transform it into a luxury floating hotel.

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