"Dubai, which teetered on the brink of default in 2009, is accelerating asset sales as more than US$30 billion of debt repayments come due next year.
Dubai Financial Group yesterday agreed to sell its stake in consumer lender Dubai First to First Gulf Bank PJSC (FGB) for 601 million dirhams (US$163 million). Dubai Holding LLC plans to sell its 35% stake in Tunisie Telecom, the country’s ministry for information and communication technologies, said June 21.
The second largest of the seven sheikhdoms that comprise the United Arab Emirates, Dubai is seeking to take advantage of a rebounding economy to regain investor confidence after its near default on US$25 billion of debt roiled markets almost four years ago."
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