QE2 sets sail in Dubai sell-off

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CIRQUE DU SOLEIL, the Canadian circus group, and the QE2 cruise liner are among a raft of Dubai-owned assets being prepared for sale as part of a huge cash-raising exercise by the debt-laden emirate.

Advisers to Dubai World, the state-backed conglomerate, plan to offload a portfolio of trophy assets owned by Istithmar, its private-equity arm. The money raised will be used to pay off some of Dubai World’s $22 billion (£14 billion) debts. The group has about 100 large creditors, including British banks.

It is understood that advisers will attempt to sell each asset individually rather than find a single buyer for the whole portfolio. There has been strong interest in the Istithmar assets since Dubai World defaulted on its borrowings last November.