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Istithmar ventures into hospitality sector

DUBAI — Istithmar PJSC announces the launch of Istithmar Hotels FZE -a 100 per cent owned subsidiary formed by Istithmar for its investments in the hospitality and leisure sector.

The launch announcement also marks the appointment of Joe Sita as the CEO of Istithmar Hotels. Istithmar Hotels is currently anchored with investments including a significant investment in Kerzner Group (who develop and operate One and Only Luxury Resort hotels).

Other investments include the development of a $1.5 billion, 2000 room Atlantis on The Palm Island, Dubai as a luxury resort, and the development of a major mixed use project, Canal Point, also in Dubai, which will include a luxury hotel. In the coming few weeks, Istithmar Hotels expects to announce an exciting new concept in budget hotels for the Middle East, as well as significant acquisitions in key gateway cities internationally. Commenting on the launch, Muneef Tarmoom, CEO of Istithmar, said: "Our idea in the hotel sectors is to focus our hospitality related investments at the very top end as well as the budget end, eschewing the mid-market hotel sector which we believe to be highly competitive and generally lacking innovation.

The strategy will be to leverage Istithmar Hotels' resources and expertise to consider investment opportunities on a localised and case specific basis."