Dubai is considering privatising some of its most prized assets to raise money for billions of dollars in upcoming debt repayments.
"There might be a privatisation plan, which is something we're working on with the Government," Mohammed al Shaibani, the director general of the Dubai Ruler's Court and the chief executive of the Investment Corporation of Dubai (ICD), said. "Dubai is rich in assets and … this might be used as a mechanism to reduce some of our debts in the future."
Mr al Shaibani was speaking yesterday at the first quarterly update on Dubai's economy, part of the Government's plans to increase its openness after the financial crisis. The meeting was also attended by Sheikh Mohammed bin Rashid, the Vice-President of the UAE and Ruler of Dubai
Mr al Shaibani is a member of a three-man Supreme Committee set up to oversee Dubai World's US$24.9 billion (Dh91.45bn) debt restructuring.
Mr al Shaibani recently told the Financial Timesthere was no need for the Government to have full ownership of Emirates Airline, which could be partially sold to investors through a public listing.
But the privatisation plan could also apply to Dubai's other assets, including its lucrative ports operations. Most of those assets are held by ICD, an investment arm fully integrated into the Government.
Privatisations would help Dubai reduce its direct sovereign debt, which Mr al Shaibani estimated at $30bn. Dubai's total debt load, however, is thought to be more than $100bn when including debts of state-linked companies.
Much of that debt falls due within the next two years. Analysts say Dubai will have to raise more money through bond issues and possibly asset sales after selling $1.25bn of bonds in September.
Analysts at the Bank of America Merrill Lynch said recently that Dubai faced more than $40bn of repayments next year and in 2012.
After Dubai World completed its restructuring in September, worry has intensified about Dubai Holding, an investment conglomerate owned by Sheikh Mohammed bin Rashid. Divisions of Dubai Holding started talks with creditors this year about extending repayment on debts estimated at more than $9bn.
Sheikh Ahmed bin Saeed Al Maktoum, the chairman of the Supreme Committee overseeing the restructure,said: "I am truly happy to report that Dubai World is now on a sound financial footing and is fully refocused on its core business, which invariably will improve the long-term value of its assets for the benefit of all stakeholders. "It is no secret that we are looking at Dubai Holding, which is facing challenges in some of its assets and investments ... the challenges in Dubai Holding are in no way of the magnitude seen at Dubai World."
afitch@thenational.ae
The%20specs
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Company%20Profile
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Company%20Profile
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What is a robo-adviser?
Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
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Tailors and retailers miss out on back-to-school rush
Tailors and retailers across the city said it was an ominous start to what is usually a busy season for sales.
With many parents opting to continue home learning for their children, the usual rush to buy school uniforms was muted this year.
“So far we have taken about 70 to 80 orders for items like shirts and trousers,” said Vikram Attrai, manager at Stallion Bespoke Tailors in Dubai.
“Last year in the same period we had about 200 orders and lots of demand.
“We custom fit uniform pieces and use materials such as cotton, wool and cashmere.
“Depending on size, a white shirt with logo is priced at about Dh100 to Dh150 and shorts, trousers, skirts and dresses cost between Dh150 to Dh250 a piece.”
A spokesman for Threads, a uniform shop based in Times Square Centre Dubai, said customer footfall had slowed down dramatically over the past few months.
“Now parents have the option to keep children doing online learning they don’t need uniforms so it has quietened down.”
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
if you go
The flights
Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.
The hotels
Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.
When to visit
March-May and September-November
Visas
Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.
COMPANY%20PROFILE
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Netherlands v UAE, Twenty20 International series
Saturday, August 3 - First T20i, Amstelveen
Monday, August 5 – Second T20i, Amstelveen
Tuesday, August 6 – Third T20i, Voorburg
Thursday, August 8 – Fourth T20i, Vooryburg