Dubai World, the state-run company at the heart of a
default crisis that has sent shock waves through the global
financial system, bought a string of prestige stakes and properties
as the city grew. The team of auditors brought in by the
government, led by one of Britain's leading experts in
restructuring troubled firms, is to trawl through all the company
assets with no options ruled out, the Queen Elizabeth II, the
world's favourite cruise liner which was bought by Dubai World's
subsidiary Nakheel to be turned into a floating hotel, is among
them
Nakheel bought the QE2 for $100m in 2007, but by the time
it arrived in Port Rashid a year ago its future was already looking
uncertain. Since then, little has been done to put in place
ambitious plans to saw off a funnel in favour of a glass penthouse
and refit its suites and ballrooms into a floating
hotel.
It was supposed to be heading off for South Africa so
that visitors can look round during the World Cup next year, at
least bringing in some revenue, but this now seems highly
unlikely.
