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Plans to Move QE2 to South Africa Scrapped |
| Jan 26, 2010 | By: David Eisen | LuxuryTravelAdvisor | |
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Queen Elizabeth 2 is staying put—in Dubai that is. Dubai World has scrapped plans to move the luxury ocean liner to South Africa, where it was destined to be used as a hotel during the World Cup. Dubai World investment arm Istithmar World bought the ship for $100 million in 2007. The company had initially planned to turn it into a luxury hotel in Dubai, but the plan was thwarted in the face of the financial crisis. Dubai shocked global markets on November 25 when it asked for a repayment delay on $26 billion in debt linked to Dubai World and its main property units Nakheel and Limitless World. A last-minute lifeline from Abu Dhabi helped the conglomerate avoid default on a $4.1-billion Islamic bond from Nakheel. Dubai World says it is still considering options to maximize QE2's value.
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