Dubai buys stake in luxury hotel manager Kerzner - Sol Kerzner steps down as Chairman
Investment Corp of Dubai (ICD), the emirate's sovereign wealth fund, has bought a stake in global hotel management firm Kerzner International KZL.UL from investors including the family of South African casino tycoon Sol Kerzner. The deal gives Dubai, which depends heavily on its booming tourism industry, control of a second major luxury hotel firm. The first firm, Jumeirah Group, is owned by Dubai's ruler. Kerzner International, originally founded by Sol Kerzner, manages the Atlantis and One & Only resort chains. Locations of it resorts range from South Africa to Mexico, but the firm has increasingly focused on Dubai in recent years. Istithmar World, a unit of state-owned conglomerate Dubai World DBWLD.UL, already owns 25 percent of Kerzner International. Shaibani will now take over as chairman of the company from Sol Kerzner.