Dubai Considers Selling Share in Emirates Air

by Deidre Woollard (RSS feed)
Nov 29th 2010 at 8:02PM

As Dubai's debts continue to mount, the emirate is considering selling a piece of one of its prized assets. The emirate could put a share of Emirates Airlines up for sale. Dubai and its state-controlled companies are approximately $110 billion in debt even after a helping hand from Abu Dhabi last year. Much of the debt comes due over the next two years and so extreme capital-building measures may be necessary.

Sheikh Ahmed bin Saeed Al Maktoum, chairman of Emirates airlines said at a press conference that the emirate is "working on opening the capital of some of our leading companies to the public." The control of the airline would remain with Dubai.The airline has experienced rapid growth and recorded a profit nearly every year. The company had a record profit increase of 248 percent in the last fiscal year and has said it could hit $1 billion in profits this year.

The luxury airline isn't the only state-owned property that could be opened to the public, DP World, which operates ports around the world, may also be part of this program.

Tags: dubai, Emirates Airlines, united arab emirates