Hotel and casino entrepreneur, Sol Kerzner, will retire as chairman of Kerzner International Holdings Limited (KIHL), following Investment Corporation of Dubai’s (ICD) purchase of a ‘significant’ stake in the company Kerzner founded in 1994.
"I am exceptionally proud of all that has been accomplished at Kerzner International,” said Kerzner. “This is a significant milestone in my life after a long and happy career in the tourism industry and I wish the company well,” Kerzner said, adding that he was confident that under ICD's guidance, the company would fulfil its upcoming expansion goals.
ICD announced last week that it had completed the purchase of a “significant equity interest” in KIHL, from the Kerzner family, and several other institutional investors, for an undisclosed sum.
KIHL operates globally under the One&Only and Atlantis brands, with properties in Dubai, South Africa, The Bahamas, Mauritius, The Maldives, Mexico and soon, Australia.
The transaction will see H.E. Mohammed Al Shaibani, Executive Director and CEO of ICD, take over as Chairman of KIHL from Kerzner.
"ICD sees enormous potential in expanding the KIHL footprint," said Al Shaibani. "As incoming investors, we are fortunate to have KIHL's management team with a track record for success under the leadership of Alan Leibman, KIHL's CEO, who will continue to oversee the company's global expansion through multiple projects."
