Dubai is now sole owner of Atlantis

Atlantis The Palm, Dubai’s megaresort flagship has 1,537 rooms, a world class waterpark and 18 restaurants

Atlantis, The Palm Dubai is a best performing assets and one of Dubai’s landmark properties

Istithmar World PJSC, a subsidiary of Dubai World, has today confirmed the completion of the purchase of Kerzner International Holdings Limited’s 50% interest in Atlantis, The Palm in Dubai for $250 million, thus becoming the sole owner.

Atlantis The Palm, Dubai’s megaresort flagship has 1,537 rooms, a world class waterpark and 18 restaurants. The Resort has played an integral role in establishing Dubai as a world class tourist destination.

Istithmar World and KIHL jointly developed the Resort which opened in 2008. Kerzner is, and will continue to be, the operator of Atlantis, The Palm.

H.H. Sheikh Ahmed Bin Saeed Al Maktoum, Chairman of Dubai World, said:

“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, and one of Dubai’s landmark properties. This acquisition is in line with our strategy of managing our assets for value and investing selectively where growth opportunities exist.”

Istithmar was advised on the transaction by Moelis & Company, which acted as financial advisor, and New York law firm Wachtell, Lipton, Rosen & Katz.

You may like the following related posts
Emirates Reveals Emiratisation Strategy The Emirates Group will reveal its three-phased Emiratisation strategy, Rehlaty, tomorrow at Careers UAE 2015. The national recruitment strategy, whic...
Strong Dollar Continues to Erode Dubai Property Sale Prices Today, Phidar Advisory released its Q1 end-quarter Dubai residential research note. The report shows that residential prices in the first quarter of 2...
Dubai World Trade Centre set for major expansion Dubai World Trade Centre (DWTC) has announced plans to build a 15,500 sq-m extension to its current indoor complex space in bid to capitalise on the d...
Dubai Overtakes Paris in New Best Shopping Cities List Paris and Dubai two of world’s most popular shopping destinations today. However, until recently, France’s capital was always a few steps ahead of...
Dubai Reports 11,603 Real Estate Transactions in Q1 of 2015 Dubai Land Department 's ( DLD ) annual report issued by Real Estate Research and Studies Department has announced that the total amount of real estat...
Weekend in Dubai with Mark Ronson and Sports Icons Sit down, grab a pen and piece of paper and try to describe the ideal weekend. As a rule of the thumb, a well-spent weekend should consist of some qua...