Dubai World unit sells Atlantis hotel

[DUBAI] Investment Corp of Dubai (ICD), the flagship holding firm of some of the emirate's top companies, has acquired the Atlantis hotel from a unit of Dubai World for an undisclosed sum, ICD said yesterday.

The sale adds to a series of asset disposals by Dubai World, which needs the proceeds to repay its massive debt after a US$25 billion restructuring in 2011. The conglomerate had promised to sell non-core overseas assets as part of its debt restructuring plan.

Atlantis, which sits at the head of a man-made island in the shape of a palm tree, was set up in 2008 as a joint venture between Dubai World's Istithmar World and Kerzner International, with the former acquiring full control in April last year.