The Investment Corporation of Dubai, ICD, announced yesterday that it has made three new acquisitions in the global hospitality sector, comprising two in the USA, the W Hotel in Washington D.C., and a majority stake in the Mandarin Oriental in New York, and a minority stake in the One&Only in Cape Town, South Africa.
The strategic transactions demonstrate the commitment of ICD, the principal investment arm of the Government of Dubai, to continuously expand the reach and expertise of Dubai in a sector considered integral to the growth of the emirate and its economy.
Mohammed Al Shaibani, Executive Director and CEO of ICD, confirmed the importance of three renowned hotels entering the ICD portfolio. "Building on our strong domestic growth in the hospitality and tourism sector," he said. "This strategic move reinforces ICD as a serious contender in the global luxury hospitality space."
"ICD has recently made significant progress in developing its hospitality presence domestically, supporting the sustainable economic growth of Dubai. The acquisition of luxury hotels in prime global destinations complements ICD's existing portfolio," Al Shaibani commented. "ICD will continue to be on the lookout for similar additions to its portfolio in the future."
In 2014, ICD completed the acquisition of Atlantis, The Palm, and purchased a significant equity interest in Kerzner International Holdings Limited (KIHL), the international operator of the One&Only, Atlantis and Mazagan brands.
Source: WAM