Neither Istithmar nor the city-state's profitable port operator DP World, which Bin Sulayem also chairs, are paying for the project, he said.
MSN: Queen Elizabeth 2 now planned as floating hotel in Dubai
The chairman of the Dubai state company that owns the ship, Istithmar World, said he expects the 300-room hotel to open within 18 months.
Istithmar both contributed its existing Kerzner stock and invested more cash.
WSJ: Resort Operator Kerzner Becomes Smaller
Istithmar has been working to reduce its debt load, and in May lost control of upscale retailer Barneys New York as part of a deal with creditors.
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