The president of the South African group Kerzner International has announced his retirement and the group’s new chairman Mohammed Al Shaibani, CEO of the Investment Corporation of Dubai, the Emirate sovereign fund that purchased a significant equity interest in Kerzner International.
Investment Corporation of Dubaï (ICD) announced it had bought a large share in the capital of the group Kerzner International. While the Dubai sovereign fund did not wish to reveal the share of the capital acquired, nor the value of the operation realized, several unofficial sources speak of an acquisition of stake to the tune of 46%. ICD thus becomes the primary shareholder in the group alongside Goldman Sachs and the Californian fund Colony Capital, and also the Dubai-based Istithmar World Capital, which holds 25% of the shares in the upscale hotel group.
Kerzner Group is now a Dubai operator in terms of both its capital and its management. The CEO of the Investment Corporation of Dubaï, Mohamed Al-Shaibani, will follow Sol Kerzner as the group's chairman, as the group's founder-billionaire steps down from the position.
Created in 1962, Kerzner International operates the luxury brands One&Only, Atlantis and Mazagan, with which it is present in South Africa, the Bahamas, the Island of Mauritius, Dubai, the Maldives and Mexico. It manages emblematic properties such as Paradise Island in the Bahamas (2,300 rooms), the Atlantis The Palm Dubai complex, as well as the Mazagan Beach & Golf Resort.
Kerzner Group is now a Dubai operator in terms of both its capital and its management. The CEO of the Investment Corporation of Dubaï, Mohamed Al-Shaibani, will follow Sol Kerzner as the group's chairman, as the group's founder-billionaire steps down from the position.
Created in 1962, Kerzner International operates the luxury brands One&Only, Atlantis and Mazagan, with which it is present in South Africa, the Bahamas, the Island of Mauritius, Dubai, the Maldives and Mexico. It manages emblematic properties such as Paradise Island in the Bahamas (2,300 rooms), the Atlantis The Palm Dubai complex, as well as the Mazagan Beach & Golf Resort.
