Dubai fund ICD buys landmark Atlantis hotel
Dubai, December 5, 2013
Investment Corp of Dubai, the flagship holding firm of some of the emirate's top companies, has acquired the Atlantis hotel from a unit of Dubai World for an undisclosed sum, a statement said on Thursday.
The hotel, which sits at the head of a manmade island in the shape of a palm tree, was set up in 2008 as a joint venture between Dubai World's Istithmar World and Kerzner International , with the former acquiring full control in April 2012.
ICD has holdings in some of the emirate's most high profile brands, including Emirates airline, Emaar Properties and lender Emirates NBD.
"Our acquisition of an asset that is a major contributor to the domestic tourist industry is in line with our overall strategy to support long term, sustainable growth for Dubai," Khalifa Al Daboos, deputy chief executive officer of ICD, said in the statement.-Reuters