Investment Corp of Dubai (ICD), the emirate’s sovereign wealth fund, announced today it had bought a “significant” stake in Kerzner International Holdings Limited (KIHL), the hotel management company which operates the Atlantis, The Palm hotel, according to Reuters.
Kerzner runs hotels in several countries, including the Bahamas, Mexico and South Africa. Another Dubai firm, Istithmar World, bought out Kerzner’s stake in the Atlantis in 2012.
ICD’s holdings include the Middle East’s biggest airline Emirates and a stake in Emaar Properties, the builder of the world’s tallest tower, the Burj Khalifa.