Economics
QE2 Transferred to Dubai Company for Transformation Into Hotel
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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 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.