Dubai’s ICD to buy stake in hotel manager Kerzner
The stake will be bought from the founders, the sources said
Investment Corp of Dubai (ICD), the emirate’s sovereign wealth fund, has agreed to buy about 46 percent of hotel management company Kerzner International, sources aware of the deal said.
The sources, speaking on condition of anonymity because the matter is not yet public, did not reveal the price of the deal. Executives from ICD could not immediately be reached to comment.
The stake will be bought from the founders, the sources said. Istithmar World, a unit of state-owned conglomerate Dubai World, already owns 25 percent of Kerzner, while Goldman Sachs also has a stake.
Among its properties, Kerzner manages the global Atlantis and One & Only resort chains; much of its business is now focused on Dubai.
Also Read
-
Dubai may gain on Dubai World debt optimism
Dubai’s bourse may rise after an executive at Dubai World, the conglomerate at the centre of the emirate’s 2009 debt crisis, told Reuters ... Economy -
Dubai’s DAMAC sets price thoughts for 5-year USD sukuk
Dubai’s DAMAC Real Estate set price thoughts for its five-year, benchmark-sized U.S. dollar sukuk issue, in basis points, at midswaps plus the ... Property -
African Story wins Dubai World Cup
Mukhadram took second place with Cat O'Mountain third among 16 runners Sports
