Dubai-based Nakheel, owners of arguably the world’s most famous passenger ship, QE2, are continuing to deny rumours that the iconic ship is up for sale.
Having bought the vessel from Cunard for US $50m and then announced that the vessel would undergo a multi-million $ conversion into a floating hotel, conference centre and leisure area, Nakheel has been very much slow in coming forward with details about the conversion work to be undertaken aboard QE2. The company, part of Dubai World, says that maintenance and repair work is currently underway and full timelines for restoration work will be completed by mid-2009 following comprehensive surveys. In the meantime Nakheel is looking to open the vessel to the public ‘as is’ for a short period before conversion work starts.
However, reports coming out of Dubai suggest that Nakheel is in serious trouble. With property prices in Dubai plunging 41% in the first quarter of 2009, Nakheel is reported to be discussing ‘all options’ for a change in terms on a US $3.5bn bond coming due this year.
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Tuesday, May 5, 2009
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