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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: Haim R. Branisteanu who wrote (69337)	12/9/2010 1:22:46 PM
From: elmatador	Respond to of 219713

Dubai will sell off. FT: Markets are most worried about the debt and how it’s going to be repaid and also how is it going to be serviced. And that’s why analysts and bankers assume you have to sell assets. MS Companies are responsible to service the debts and pay it back. So when you break it down to individual companies it’s doable. Most of it can be serviced and I’m sure they’re… Nobody will give you money today, especially today, unless you are capable of paying it back. The market might be worried, but for the banks … If these guys are still working and supporting and raising funds and extending their balance sheets today, obviously, there’s nothing to worry about. These companies are more than capable of handling their debt situation. And, again, they’re operational debts … And people also see the potential, a lot of people are looking forward to the government, one day, to unlock value. I own everything I mentioned today 100%. I don’t need to own 100% of DEWA. I don’t need to own 100% of Emirate Airlines or Dubal or the train or you name it. So they see a lot of potential businesses, that’s why they are working with us. Please respect FT.com's ts&cs and copyright policy which allow you to: share links; copy content for personal use; & redistribute limited extracts. Email ftsales.support@ft.com to buy additional rights or use this link to reference the article - ft.com A lot of people assume that you’re going to sell the assets or float the companies. MS: Yes. Privatise maybe. So they are working with us and they are our advisers. And priority will definitely go to banks who have been very supportive. We are very loyal customers … We have to work together. I don’t just use them when I need them. FT: So the kinds of discussions you’re holding today is that everybody has to make a bit of a compromise here and that the operational performance of certain companies in Dubai is very impressive and so you can unlock value at a certain point, that’s the kind of part of negotiation or discussion, right? MS: They (the banks) see the value, I’m sure. They see the value, they see how this can be created. Then the landscape will change, even internationally … Like DP World we expect of this company alone, in five years that it (the stock) would reache about 140 or 150, that will be capable of paying all of Dubai World’s debts alone as a value. So there’s a lot of potential, that’s why we’re not really worried. FT: You seem set against selling assets now and you don’t feel the need to. Is there a plan? Is there a priority of what you might want to sell eventually? MS The Dubai World strategy that was agreed and was supported by 100% of the banks was based on a five years and eight years plan. Because they (creditors) realise that it’s not logical for me to sell assets today. So we are selling assets in five years, if I need to sell assets, but I hope I don’t need to sell assets by then. Of course, anything that matures, it’s a private equity and you feel the time is right and we give the right price, why should I hold it. I’m buying it, originally, to sell it. So if I feel this is realising the value or it becomes not relevant to my strategy, I’ll dispose of it. That’s why I’m not attached to any of these assets, if it is there… Because, originally, it was bought to be one day sold. That day might be tomorrow, it maybe in a month’s time, it may be five years. ft.com