Breaking: ROTHSCHILD SELECTED TO DISMANTLE DUBAI WORLD
By Daniel at 28 November, 2009, 8:36 pm
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“Rothschild appointed to help sell Dubai World assets”
Telegraph.co.uk - Louise Armitstead, Richard Spencer
“Bankers from Rothschild have been appointed to help restructure Dubai World with a mandate to dispose of some of the stricken conglomerate’s famous assets.”
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Abu Dhabi is also said to be interested in Emaar, the property company that owns the Burj Dubai skyscraper, the Dubai Mall shopping centre, and Dubal, Dubai’s aluminium company.
However, the assets in Dubai World are more likely to be sold first. The group’s biggest problem area is thought to be Nakheel, its property arm that owns the Palms, the ambitious man-made islands. Nakheel also has two hotel chains, one of which owns the Turnberry Hotel.
Dubai World’s venture capital arm, Istithmar, owns stakes in global assets including Barneys, the New York department store; Cirque du Soleil, the South African entrepreneur Sol Kerzner’s hotel chain; and Standard Chartered bank. The company has also bought into MGM Mirage, the Las Vegas gambling operation – even though gambling is banned in Dubai – and Troon Golf. ”
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