Dubai Government-owned holding companies have raised at least Dh3.1 billion (US$843.9 million) in asset sales over the past year and are expected to raise billions more to repay debts and find a firmer financial footing after the financial crisis.
The sales have so far been concentrated at the investment arms of Dubai World and Dubai Holding, two of the emirate’s three main government conglomerates.
They have offloaded stakes in a wide range of companies and property assets bought near the peak of the global credit bubble in 2006 and 2007, part of a plan to raise cash and put expensive mistakes behind them.
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