Dubai now has full ownership of the famous Atlantis Hotel and Resort on the Palm Jumeirah.
State-owned firm Istithmar World announced on Saturday the purchase of the 50 per cent stake that had been outside of its control for $250 million.
The firm said it was now the sole owner of the 1,537-room hotel after buying out the interest of Kerzner International Holdings Limited (KIHL) - the company run by South African hotel magnate Sol Kerzner.
The move comes less than a year after reports that such a move was being considered, as Kerzner's firm sought ways to raise funds. Under the new deal, KIHL will remain the hotel's operator.
Istithmar World and KIHL jointly developed the resort, which opened in 2008. Istithmar World is part of conglomerate Dubai World and the latter firm's chairman HH Sheikh Ahmed bin Saeed Al Maktoum, said the hotel "continues to exceed our expectations".
"This deal, allowing us to become the sole owner of Atlantis, The Palm Dubai, effectively consolidates our investment in one of our best performing assets, and one of Dubai's landmark properties," he added.
© 7Days 2012
