On the acquisition, Mohammed Al Shaibani, the executive director and CEO of ICD, said, "I am pleased to confirm that ICD has completed a major investment in KIHL
He also emphasised ICD's full commitment, alongside the other shareholders and management team, in supporting KIHL to achieve its international growth aspirations and realise its undoubted potential.
ICD sees enormous potential in expanding the KIHL footprint.
At the same time KIHL
passed ownership of its Atlantis Paradise Island resort and the adjacent Bahamas One&Only Ocean Club to Brookfield Asset Management in exchange for the forgiveness of some $175 million in juniot debt.
is extending its Atlantis brand globally with the development of Atlantis, The Palm, Dubai, an approximately 1,500-room, water-themed resort expected to open in late 2008, currently being constructed on The Palm, Jumeirah, a multi-billion dollar leisure and residential development in Dubai.