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
Dubai regains its position as shipbuilding and maritime centre Dubai is strengthening its reputation as a shipbuilding and maritime centre by looking to leverage its location. It is doing that with the support of ...
Dubai’s construction sector shifting gear The construction sector in Dubai has almost stopped new projects while slowly recovering from the global financial crisis. However, by the end of Jun...
Istithmar World’s new Board of Directors reviews growth plans; Appoints new CE... The newly constituted Board of Directors of Istithmar World, a premier investment company with a broad international portfolio across North America, E...
Prime plot of land on Palm Jumeirah sold for AED 87 million 60,000 sqft plot on Palm Jumeirah Pointe, opposite Atlantis bought for AED 1,450 per sq ft Nakheel has sold a prime plot of land on Palm Jumeirah for...
4th Annual E-Services Excellence Award set to honour Dubai Trade customers The 4th Annual E-Services Excellence Award (ESEA 2011), to be held under the patronage of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice...
Dubai neither doomed to fail, nor a safe haven The latest report from BofA Merrill Lynch Global Research was released today, titled, "BofA ML Emerging Markets - MENA Quarterly: Positioned to cope w...

Leave a Reply

Your email address will not be published. Required fields are marked *