Investment Corporation of Dubai (ICD) has bought a significant equity stake in luxury hotel developer and operator Kerzner International Holdings Limited (KIHL).

The equity was purchased from the Kerzner family and several other institutional investors for an undisclosed sum. Dubai-based Istithmar and certain affiliates of Goldman Sachs and Colony Capital will continue to have significant holdings in the company.

(KIHL) operates globally under the One & Only and Atlantis brands, with three resorts in Dubai, two in The Bahamas, and more in Mauritius, The Maldives, Mexico, South Africa and soon, Australia. 

The new strategic move by ICD in the hotel and tourism sector in Dubai follows its acquisition earlier this year of Atlantis, The Palm resort.

“I am pleased to confirm that ICD has completed a major investment in KIHL,” said Mohammed al-Shaibani, executive director and CEO of ICD. “The business and its brands are synonymous with the luxury hotel industry, a sector which is of strategic importance to Dubai.”

The transaction will see Al-Shaibani take over as chairman of the international hotel operator from its founder, Sol Kerzner.