The Tribune

By RASHAD ROLLE
Tribune Staff Reporter

rrolle@tribunemedia.net

FORMER Atlantis and the One & Only Ocean Club owner Sol Kerzner will step down as chairman of Kerzner International Holdings, the company he founded in 1994.

According to international reports, Investment Corporation of Dubai (ICD) – a Dubai government-owned investment organisation – has bought “significant” equity interest in Kerzner International.

ICD executive director and CEO Mohammed Al Shaibani will take over as chairman of the company. Kerzner International Holdings is an international developer and operator of luxury hotels and resorts. Globally, it operates under the One & Only and Atlantis brands.

Debt restructuring agreements last year saw the company hand over its Bahamas Atlantis and the One & Only Ocean Club resort to Brookfield Asset Management while continuing to operate and manage the resort.

ICD now has a stake of more than 40 per cent in Kerzner International, giving it the majority share.

According to Business Day, a daily South African newspaper, Mr Kerzner released a statement on the change-up, saying: “I am exceptionally proud of all that has been accomplished at Kerzner International. This is a significant milestone in my life after a long and happy career in the tourism industry and I wish the company well. I am confident that with ICD’s guidance, the company will fulfil on its upcoming expansions towards further growth and global reach.”