Dubai sovereign fund buys stake in Kerzner International

Investment Corp of Dubai (ICD), the UAE’s sovereign wealth fund, has bought a stake in global hotel management firm Kerzner International, owner of Atlantis and One & Only Resorts brands from investors including the family of South African casino tycoon Sol Kerzner. ICD also owns Jumeirah Group.

ICD did not specify the size of the stake it had bought beyond saying it was “significant”, or reveal the price paid. But a source aware of the matter said the stake was about 46 percent. Istithmar World, a unit of state-owned conglomerate Dubai World, already owns 25 percent of Kerzner International. Shaibani will now take over as chairman of the company from Sol Kerzner.

The One & Only The Palm, Dubai