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UAE Freezones Biz News Updates
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QE2 Transferred to Dubai Company for Transformation Into Hotel
The Queen Elizabeth II ocean liner has been transferred to a new Dubai-based
entity that will fund the ship’s $90 million transformation into a 400-suite
luxury hotel to be moored in Asia.
The Queen Elizabeth II ocean liner is being made seaworthy before leaving Dubai Oct. 18 for the hotel transformation in China.
The new company, QE2 Holding, comprises local and foreign investors involved
in the project’s operations, while the ship will continue to be owned by the
Dubai government, Drydocks World LLC Chairman Khamis Juma Buamim told
reporters in the emirate today. The project is expected to be finished in
2014 and become profitable within 10 years of completion, said Buamim, whose
company is a unit of state-owned Dubai World.
“There is already a contract and they will have a share in the new company,
which they will gain back from the profit margin,” Buamim said of QE2
Holding, adding that the deal is for 15 years and renewable. “It will become
an iconic global ambition for the U.A.E.”
The ship is being moved to Asia to take advantage of the demand for hotel
rooms in the region, Buamim said.
“If you look at the coastline of Dubai, it’s full of the most magnificent
hotels you can ever dream of,” he said. “Therefore, economics works. You
have to look at the return value.”
As a hotel, the ship will have suites from 60 to 150 square meters (648 to
1,1615 square feet), some of which will be available for rental or sale to
long-term occupants, he said. The cost will depend on the country where the
QE2 will finally be moored and will be “expensive,” he said.
The vessel is being made seaworthy before leaving Dubai Oct. 18 for the
overhaul in China. Buamim declined to answer questions on where in China the
refit will take place or the ship’s destination as a hotel.
Istithmar World PJSC, a government-owned company in Dubai, bought the
963-foot (294-meter) ship from Cunard for $100 million in 2007. The
Scottish-built QE2 went into service in 1969. Dubai has no plans to sell the
vessel, which will have maintenance costs of about $2.5 million a year after
it goes into operation as a hotel, Buamim said.
July 07, 2013 |
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Courtesy Bloomberg L.P.
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