Kerzner International is handing over ownership of its flagship Atlantis resort in Bahamas as part of an ongoing effort to manage its debt. Orlando Barria / EPA
Kerzner International is handing over ownership of its flagship Atlantis resort in Bahamas as part of an ongoing effort to manage its debt. Orlando Barria / EPA

Kerzner sells flagship Atlantis in Bahamas



Kerzner International is handing over ownership of its flagship Atlantis resort in the Bahamas as part of an ongoing effort to manage a huge debt pile.

The Bahamas resort was being handed over to Brookfield Asset Management, based in Toronto, as part of a debt restructuring.

Kerzner will also transfer ownership of the One&Only Ocean Club and the One&Only Palmilla, in Mexico, to the Canadian company. It will continue to manage the properties. Brookfield is to exchange about US$175 million (Dh642.8m) of Kerzner's debt for the equity of the Bahamian and Mexican resorts.

The resort company owns the $1.5 billion Atlantis resort in Dubai in a joint venture with Istithmar.

The Dubai property is not directly affected by this deal, but Kerzner said the "transaction will permit Kerzner to move forward as a management company, allowing us to get back to doing what we do best - designing and managing … destination and luxury resorts under the Atlantis and One&Only brands".

One property analyst in Dubai said Atlantis The Palm had been unable to command the rates it had anticipated, as it opened at the end of 2008, when the global economic downturn spread to the emirate. The resort, the biggest in Dubai, has 1,539 rooms.

"You look at the structure and the kinds of things they have inside," the analyst said. "Their fixed costs are so high and they have to lower their prices to at least cover their costs. That's why they're discounting and packaging."

In October, Brookfield teamed up with Dubai to create a $1bn property fund for the emirate, which was hit hard by the global credit crisis starting in 2008.

Dubai World, through Nakheel Hotels, also announced it was acquiring a 50 per cent stake in the One&Only Palmilla resort in Los Cabos three and a half years ago.

"For some time now, we have been actively engaged in constructive discussions with our various lender groups in order to improve our company's capital structure, optimise the value of our assets and position Kerzner for sustainable long-term growth as a global management company," said Sol Kerzner, the chairman and chief executive.

"[The] announcement is an important step towards that goal, allowing Kerzner to substantially reduce debt and streamline our balance sheet and operating structure."

A QUIET PLACE

Starring: Lupita Nyong'o, Joseph Quinn, Djimon Hounsou

Director: Michael Sarnoski

Rating: 4/5

Common OCD symptoms and how they manifest

Checking: the obsession or thoughts focus on some harm coming from things not being as they should, which usually centre around the theme of safety. For example, the obsession is “the building will burn down”, therefore the compulsion is checking that the oven is switched off.

Contamination: the obsession is focused on the presence of germs, dirt or harmful bacteria and how this will impact the person and/or their loved ones. For example, the obsession is “the floor is dirty; me and my family will get sick and die”, the compulsion is repetitive cleaning.

Orderliness: the obsession is a fear of sitting with uncomfortable feelings, or to prevent harm coming to oneself or others. Objectively there appears to be no logical link between the obsession and compulsion. For example,” I won’t feel right if the jars aren’t lined up” or “harm will come to my family if I don’t line up all the jars”, so the compulsion is therefore lining up the jars.

Intrusive thoughts: the intrusive thought is usually highly distressing and repetitive. Common examples may include thoughts of perpetrating violence towards others, harming others, or questions over one’s character or deeds, usually in conflict with the person’s true values. An example would be: “I think I might hurt my family”, which in turn leads to the compulsion of avoiding social gatherings.

Hoarding: the intrusive thought is the overvaluing of objects or possessions, while the compulsion is stashing or hoarding these items and refusing to let them go. For example, “this newspaper may come in useful one day”, therefore, the compulsion is hoarding newspapers instead of discarding them the next day.

Source: Dr Robert Chandler, clinical psychologist at Lighthouse Arabia

Results

57kg quarter-finals

Zakaria Eljamari (UAE) beat Hamed Al Matari (YEM) by points 3-0.

60kg quarter-finals

Ibrahim Bilal (UAE) beat Hyan Aljmyah (SYR) RSC round 2.

63.5kg quarter-finals

Nouredine Samir (UAE) beat Shamlan A Othman (KUW) by points 3-0.

67kg quarter-finals

Mohammed Mardi (UAE) beat Ahmad Ondash (LBN) by points 2-1.

71kg quarter-finals

Ahmad Bahman (UAE) defeated Lalthasanga Lelhchhun (IND) by points 3-0.

Amine El Moatassime (UAE) beat Seyed Kaveh Safakhaneh (IRI) by points 3-0.

81kg quarter-finals

Ilyass Habibali (UAE) beat Ahmad Hilal (PLE) by points 3-0

Director: Jon Favreau

Starring: Donald Glover, Seth Rogen, John Oliver

Rating: 2 out of 5 stars

MEDIEVIL (1998)

Developer: SCE Studio Cambridge
Publisher: Sony Computer Entertainment
Console: PlayStation, PlayStation 4 and 5
Rating: 3.5/5

COMPANY PROFILE

Company name: Klipit

Started: 2022

Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant

Based: Dubai, UAE

Industry: Digital receipts, finance, blockchain

Funding: $4 million

Investors: Privately/self-funded

Sweet Tooth

Creator: Jim Mickle
Starring: Christian Convery, Nonso Anozie, Adeel Akhtar, Stefania LaVie Owen
Rating: 2.5/5

COMPANY PROFILE

Name: Haltia.ai
Started: 2023
Co-founders: Arto Bendiken and Talal Thabet
Based: Dubai, UAE
Industry: AI
Number of employees: 41
Funding: About $1.7 million
Investors: Self, family and friends

The specs: 2018 Chevrolet Trailblazer

Price, base / as tested Dh99,000 / Dh132,000

Engine 3.6L V6

Transmission: Six-speed automatic

Power 275hp @ 6,000rpm

Torque 350Nm @ 3,700rpm

Fuel economy combined 12.2L / 100km

More from Armen Sarkissian
The chef's advice

Troy Payne, head chef at Abu Dhabi’s newest healthy eatery Sanderson’s in Al Seef Resort & Spa, says singles need to change their mindset about how they approach the supermarket.

“They feel like they can’t buy one cucumber,” he says. “But I can walk into a shop – I feed two people at home – and I’ll walk into a shop and I buy one cucumber, I’ll buy one onion.”

Mr Payne asks for the sticker to be placed directly on each item, rather than face the temptation of filling one of the two-kilogram capacity plastic bags on offer.

The chef also advises singletons not get too hung up on “organic”, particularly high-priced varieties that have been flown in from far-flung locales. Local produce is often grown sustainably, and far cheaper, he says.

The specs

Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 7-speed dual-clutch auto
Fuel consumption: 10.5L/100km
On sale: Now
Price: From Dh129,999 (VX Luxury); from Dh149,999 (VX Black Gold)

List of alleged parties

May 15 2020: PM and Carrie attend 'work meeting' with at
least 17 staff members

May 20 2020: PM and Carrie attend 'bring your own booze'
party

Nov 27 2020: PM gives speech at leaving do for his staff

Dec 10 2020: Staff party held by then-education secretary
Gavin Williamson

Dec 13 2020: PM and Carrie throw a flat party

Dec 14 2020: London mayor candidate Shaun Bailey holds staff party at Conservative
Party headquarters

Dec 15 2020: PM takes part in a staff quiz

Dec 18 2020: Downing Street Christmas party

Coal Black Mornings

Brett Anderson

Little Brown Book Group 

RIVER SPIRIT

Author: Leila Aboulela 

Publisher: Saqi Books

Pages: 320

Available: Now

THE HOLDOVERS

Director: Alexander Payne

Starring: Paul Giamatti, Da'Vine Joy Randolph, Dominic Sessa

Rating: 4.5/5

Seven tips from Emirates NBD

1. Never respond to e-mails, calls or messages asking for account, card or internet banking details

2. Never store a card PIN (personal identification number) in your mobile or in your wallet

3. Ensure online shopping websites are secure and verified before providing card details

4. Change passwords periodically as a precautionary measure

5. Never share authentication data such as passwords, card PINs and OTPs  (one-time passwords) with third parties

6. Track bank notifications regarding transaction discrepancies

7. Report lost or stolen debit and credit cards immediately

Company profile

Company name: Tuhoon
Year started: June 2021
Co-founders: Fares Ghandour, Dr Naif Almutawa, Aymane Sennoussi
Based: Riyadh
Sector: health care
Size: 15 employees, $250,000 in revenue
Investment stage: seed
Investors: Wamda Capital, Nuwa Capital, angel investors


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