Dubai World may be forced to sell overseas assets as part of its restructuring process, a top Dubai finance official conceded on Monday, but he said the government would not divest businesses to support the holding company.
Abdulrahman al-Saleh, director-general of the department of finance, said that as part of Dubai World??s $26bn debt restructuring, the holding company would sell some of its foreign investments and real estate assets, which include the QE2 cruise liner and Cirque du Soleil, the Canadian circus operator.
??There is nothing to prevent Dubai World selling these assets,? Mr Saleh told Al Jazeera television.
The main goal of the restructuring process is to guarantee the survival of Dubai World, which borrowed heavily to fuel an overseas expansion programme, within a new financial framework agreed with creditors.
But Mr Saleh said the government would not sell assets to support the state-owned holding company.
