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Dubai set for New Year bash on QE2 ocean liner

Black-tie event marks ship’s first outing since it was bought by Dubai for $100m in 2008

Istithmar World paid $100m for the ocean liner in 2008
Istithmar World paid $100m for the ocean liner in 2008

The Queen Elizabeth 2 (QE2) ocean liner is to be the setting
for an exclusive New Year’s Eve party, marking the ship’s first public outing
since it was purchased by Dubai in 2008.

The black-tie bash, billed as one of the world’s most
exclusive New Year events, will feature musical acts including The Gypsies and
Drury Lane and laser and fireworks displays, according to organisers Global
Event Management.

The party will mark a “new lease of life” for the 43-year-old
ocean liner, which was bought by Dubai World subsidiary Istithmar World for
$100m.

It will be a “fabulous venue,” said Leili Gerami,
spokesperson for the QE2.

The QE2 was launched in Southampton in 1968 and was one of
the flagship cruise ships operated by Cunard on its transatlantic route between
the UK and New York.

It was retired in 2008 and made its last voyage to Dubai
that year, when it joined trophy assets such as luxury New York retailer Barneys and Cirque du Soleil in Istithmar’s portfolio.

The ship is currently moored in Port Rashid in Dubai, where
she arrived amid much fanfare in November 2008. The intention was to convert
the ship into a floating hotel, which would have seen her moored at Palm
Jumeirah.

These plans stalled in the wake of Dubai’s debt crisis in
2009, which saw Istithmar’s parent company Dubai World restructure $24.9bn in debt

The investment company said in 2010 it was considering a
number of options to maximise
the value of the ocean liner, but had abandoned a
plan to send the ship to South Africa.

 “There are a number
of options being considered for QE2. IW is considering which option will best
maximise value of the vessel,” a spokesperson said.

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