Global General

Govt official: Dubai World may sell assets

(Agencies)
Updated: 2009-12-07 16:43

Cars drive along Sheikh Zayed road in Dubai on December 2, 2009. [Agencies]

DUBAI, United Arab Emirates: A senior Dubai official says the city-state's indebted Dubai World conglomerate but not the government itself might sell assets to raise cash.

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Dubai Finance Department Director-General Abdul Rahman al-Saleh made the comments in an interview posted on al-Jazeera's website on Monday.

Al-Saleh did not identify what parts of Dubai World might be up for sale. The group has a wide range of businesses scattered throughout Dubai and around the world.

Dubai is in the process of restructuring the sprawling state-backed company as it struggles to pay back billions of dollars in debt coming due.

The finance chief said the primary aim of restructuring the state-backed company was to ensure it remains viable for the future.