Thursday 10 March 2011

No pressure for Dubai asset sales this year - official | Reuters

Dubai is under no pressure to make asset sales this year and its flagship conglomerate Dubai World [DBWLD.UL] will sign a final agreement on its $25 billion debt restructuring next week, a top official said on Wednesday.

Sheikh Ahmed bin Saeed al-Maktoum, chairman of Dubai's Supreme Fiscal Committee and an uncle of the emirate's ruler, also said Dubai's core business was strong.

"There is no pressure on us for sale of Dubai World assets," he said. "We have a period of eight years. Always the question is asked, is an asset up for sale. Anything can be sold if the offer is good and tempting."

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