Dubai World Sells Atlantis Resort

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A unit of the state-owned group Dubai World has sold its Atlantis resort to Investment Corp of Dubai, also state-owned, to raise funds for repayments after a $25 billion restructuring plan was created two years ago. 

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

"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 is working on repaying $4.4 billion in May 2015 as part of a debt-restructuring plan created after the group suffered during the property market crash in the emirate. 

The group didn't begin disposing of assets until this year to raise funds. The Atlantis sale is the second disposal after it sold the British logistics warehouse developer Gazeley in the summer, Reuters reports. It is working on selling The Fontainebleau hotel in Miami Beach, Florida.