Dubai World acquires remaining stake in Atlantis

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

Atlantis The Palm, Dubai’s megaresort flagship has 1537 rooms, a world class water park 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.

“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,” Sheikh Ahmed Bin Saeed Al Maktoum, Chairman of Dubai World, said.

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