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Dubai ICD buys Kerzner stake

: Sunday, April 06 - 2014 @ 10:42

Investment Corp of Dubai (ICD) has acquired a stake in global hotel management firm, Kerzner International, from investors including the family of South African tycoon Sol Kerzner, Reuters has reported. The deal gives Dubai control of the luxury hotel firm, which manages the Atlantis and One & Only resort chains. Istithmar World, a unit of state-owned conglomerate Dubai World, already owns 25% of Kerzner International. ICD’s chief executive Mohammad Al Shaibani will now take over as chairman of the company from Sol Kerzner.

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Sunday, April 6- 2014 @ 10:42 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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