Nakheel, the state-owned developer in Dubai, said it remains committed to renovating the Queen Elizabeth 2. Speculation has been mounting that the company won't have the money to turn the British vessel into a luxury hotel. "Irrespective of short-term plans, the ultimate goal is to renovate and refurbish QE2, and for her to be the focal point of a luxury precinct dedicated to her," Nakheel said in a statement.

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