Dubai ICD buys Kerzner stake

April 6, 2014 10:42 am

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.