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Sovereign Wealth Funds Briefing - Categorized | Investment

Dubai buys stake in luxury hotel manager Kerzner

Posted on 04 April 2014

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.
“This investment reaffirms ICD’s commitment to support the long-term growth of our domestic hospitality market, a key pillar of and growth sector for the Dubai economy,” ICD’s chief executive Mohammed al-Shaibani said in a statement on Thursday………………………………….Full Article: Source


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