Dubai’s ICD to buy stake in hotel manager Kerzner

Dubai's Atlantis Hotel located on the artificial island of Palm Jumeirah; it opened in 2008 as a joint venture between Kerzner International Holdings Limited and Istithmar. (Shutterstock)

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.

Last Update: Wednesday, 20 May 2020 KSA 09:43 - GMT 06:43