Saturday, Apr 28, 2012
Abu Dhabi Istithmar World, a subsidiary of Dubai World, yesterday announced that it had bought out Kerzner International Holdings Limited’s 50 per cent stake in Atlantis, The Palm for $250 million (Dh918 million), becoming the sole owner.
Atlantis, Dubai’s mega resort flagship, has 1,537 rooms, a waterpark and 18 restaurants. Istithmar World and Kerzner jointly developed the resort which opened in 2008. Kerzner will continue to be the operator of Atlantis, The Palm, a statement said yesterday.
“The performance of the Atlantis 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,” said Shaikh Ahmad Bin Saeed Al Maktoum, Chairman of Dubai World, in a statement.
Shaikh Ahmad added: “This acquisition is in line with our strategy of managing our assets for value and investing selectively where growth opportunities exist.”
By Himendra Mohan Kumar?Staff Reporter
Gulf News 2012. All rights reserved.
