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Dubai World unit sells Atlantis hotel to ICD

The Atlantis hotel at the Palm Jumeirah, Dubai. (Image source: Christian van Elven/Flickr)

A unit of Dubai World has sold its Atlantis hotel situated in Palm Jumeirah to Investment Corporation of Dubai (ICD) for an undisclosed sum, to help the group with its debt repayments

Dubai World underwent a US$25bn restructuring in 2011, in the wake of the global fiscal crisis and the property crash in the UAE. The group has to repay US$4.4bn in debt by May 2015 under its restructuring terms.

According to Reuters, ICD deputy chief executive officer, Khalifa Al Daboos, said buying the Atlantis hotel, which is a key tourist destination, from Istithmar World was in line with the company?s overall strategy to support long-term sustainable growth for Dubai.

ICD has stakes in some of UAE?s renowned brands including the Emirates airline, Emaar Properties and lender Emirates NBD.

Dubai World?s Istithmar has interests spanning across the consumer, industrial and financial services, hotels and commercial property sectors.

The Atlantis hotel sale is Dubai World's second disposal this year, after selling British logistics warehouse developer Gazeley in June, the news agency reported. The company is also planning to sell its Fontainebleau hotel in Miami Beach, Florida, according to Dubai World sources.

Earlier this year, the Dubai Electricity & Water Authority (DEWA) announced that it planned on buying Palm Utilities, a district cooling company owned by Dubai World.

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