29-Nov-2010 11:21 AM

Dubai considers Emirates stake sale

Dubai Ruler's Court Director Mohammed Ibrahim Al Shaibani stated Dubai's Government is considering selling some assets, including a stake in Emirates Airlines, as part of efforts to reduce its debt burden (Wall Street Journal/Zawya Dow Jones, 28-Nov-2010). Mr Shaibani however noted that Dubai is reluctant to sell assets at present given market conditions adding that the sale of profitable companies may not be useful. Mr Shaibani added that Dubai's sovereign debt stands at around USD30 billion and the government is "working on bringing that debt down".

Dubai Government: "The possibility of offering a stake in Emirates Airlines to the public is always there and is being studied and considered. But it is well known that offering stakes to the public in solid commercial companies like Emirates is not always useful," Mohammed Ibrahim Al Shaibani, Dubai Ruler's Court Director. Source: Wall Street Journal, 28-Nov-2010.