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Dubai Looking To Sell Asian Assets « Back
Muazzin Mehrban, February 2010
(10 February 2010)

State-related Dubai entities have begun talks to offload Asian assets in a bid to speed up the pace of their overseas asset sales, and to ease their debt burdens.

The Financial Times reports that Emaar Properties is in discussions with potential buyers of its majority stake in Singapore-based distributor and retailer RSH. RSH operates across Asia and the Middle East, working with brands such as Zara and Mango.

Meanwhile, a unit of Dubai Holding, which is looking to sell a 40 percent stake in Malaysian Bank Islam, has appointed Rothschild to seek potential buyers.

This sale, along with other entities in addition to the Dubai World conglomerate, are seeking to divest better performing, non-core operations as the emirate looks to reduce $100bn of debt.

Dubai World is restructuring $22bn in debt, and has already put some high-profile assets up for sale. Speaking on the predicted spate of transactions, Dubai Holdings said there had been a lot of speculation about asset sales, but nothing concrete had yet been agreed.

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