Dubai takes over full control of Atlantis

Dubai now has full control of the iconic Atlantis resort hotel situated on the Palm Jumeirah islands, Istithmar World, a subsidiary of Dubai World, said in a statement today.

Istithmar World confirmed the completion of the purchase of indebted Kerzner International Holdings’ remaining 50 per cent interest in Atlantis, The Palm, for $250 million, thus becoming the sole owner of the popular Dubai resort.

“The performance of The Atlantis continues to exceed our expectations,” said Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai World.

“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,” he added.

“This acquisition is in line with our strategy of managing our assets for value and investing selectively where growth opportunities exist,” Sheikh Ahmed said.

Istithmar already owned half of the megaresort, which boasts of more than 1,500 rooms, a water theme park and 18 restaurants.

“The resort has played an integral role in establishing Dubai as a world class tourist destination,” Istithmar World said in its statement, and added that Kerzner will continue to operate the resort that it jointly developed with Kerzner International Holdings, and which opened in 2008.