DUBAI, United Arab Emirates (AP) — A Dubai government conglomerate behind some of the emirate’s industrial powerhouses said Thursday it bought a “significant” stake in the international hotel operator that runs the Atlantis hotel on the city’s main palm-shaped island.

Investment Corporation of Dubai said it bought the stake in Kerzner International Holdings from the family of its founder and several institutional investors. Neither company disclosed the purchase price, but an ICD official told The Associated Press the investment company now owns a stake of more than 40 percent.