Dubai puts some Asian entities on sale
Reeling under huge financial crisis due to slowdown and Dubai World's Crisis, State-related Dubai entities have been looking for potential buyers for selling some Asian assets, in a bid to meet some of its financial obligations.
Reports published in the Financial Times claimed that Emaar Properties, the Middle East's biggest property group, is also planning to sell its majority stake in Singapore-based distributor and retailer RSH, having strong presence in Asia and the Middle East. Unconfirmed media reports claim that Singapore's DBS Bank was also instrumental in the sale process by Emmar Properties.
Yet another unit of Dubai Holding has been searching potential buyer for selling a 40 percent stake in Malaysian Bank Islam. It has already appointed Rothschild to carry forward further talks to reduce some of the debt burden.
Dubai World conglomerate, the state owned investment vehicle, had shocked the World by announcing standstill on its debt payments. It has now under restructuring of debt worth $22bn besides putting some of its assets, owned by the emirate's ruler, Sheikh Mohammed bin Rashid al-Maktoum, on sale.
New Zealand News
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