Dubai World Sells Atlantis Resort

The Atlantis Hotel, Dubai

With the purpose to raise funds for repayments after a $25 billion restructuring plan was created two years ago; a state-owned group Dubai World sold its Atlantis resort to state-owned Investment Corp (ICD) of Dubai.

ICD purchased the resort, which sits at the head of the emirate's palm-tree shaped island, from Istithmar World, for an undisclosed amount.

"Our acquisition of an asset that is a major contributor to the domestic tourist industry is in line with our overall strategy to support long-term sustainable growth for Dubai," Khalifa Al Daboos, deputy chief executive officer of ICD, said in a statement.

Dubai World came under a debt during the property market crash in the emirate. They are repaying $4.4 billion in May 2015 as part of the debt. To raise funds for the dept The Atlantis sale is the second disposal by Dubai World, after selling the British logistics warehouse developer Gazeley in the summer. Its next plan is to sell The Fontainebleau hotel in Miami Beach, Florida.

At Night, The Atlantis Dubai