Atlantis sale: Dubai state fund buys hotel for undisclosed sum | Arab News — Saudi Arabia News, Middle East News, Opinion, Economy and more.:
"A unit of Dubai World has sold its Atlantis resort, which sits at the head of a palm tree-shaped island in the emirate, as the state-owned group raises funds to meet huge debt repayments after a $25 billion restructuring in 2011.
Investment Corp. of Dubai (ICD), a holding company of some of the emirate’s top groups which is also state-owned, has bought the resort from the unit, Istithmar World, for an undisclosed sum, ICD said.
“Our acquisition of an asset that is a major contributor to the domestic tourist industry is in line with our overall strategy to support long-term sustainable growth for Dubai,” Khalifa Al Daboos, deputy chief executive officer of ICD, said in the statement.
A spokesman for Istithmar in Dubai declined to comment.
The sale adds to a series of disposals by Dubai World, which had promised to sell non-core assets under the debt-restructuring plan drawn up when the group fell victim to a property market crash in the emirate and the after-effects of the global financial crisis."
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