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Sovereign Wealth Funds Briefing - Categorized | Market

Dubai World unit sells Atlantis

Posted on 10 December 2013

Dubai sovereign wealth fund acquires hotel on The Palm Atlantis , The Palm has been sold by a subsidiary of the state-owned developer Dubai World to a sovereign wealth fund. In a move that had been tipped for months, the conglomerate’s property subsidiary Istithmar World sold the 44-hectare resort at the top of The Palm Jumeirah to the state-owned sovereign wealth fund Investment Corporation of Dubai .
Brokers involved in the transaction confirmed that the deal to sell the five-star hotel complex had taken place but declined to comment on the price. “This transaction is important for Dubai ,” said one source close to the deal who asked not to be named. Investment Corporation of Dubai (ICD) is used by the emirate’s Government to hold some of its highest profile investments………………………………………..Full Article: Source


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