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Debt-ridden Dubai World plans to sell the Queen Elizabeth (QE) 2 cruise liner, owned by its private equity arm Istithmar, to raise funds. Istithmar bought the QE2 from UK shipping firm Cunard for $100m in 2007, amid plans to convert it into a luxury floating hotel.
Debt-ridden Dubai World plans to sell the Queen Elizabeth (QE) 2 cruise liner, owned by its private equity arm Istithmar, to raise funds.
Istithmar bought the QE2 from UK shipping firm Cunard for $100m in 2007, amid plans to convert it into a luxury floating hotel.
The state-owned recession-hit Dubai World has accumulated a debt of $22bn and a $10bn bailout by Abu Dhabi has enabled it to continue making debt payments.
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