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Dubai World acquires stake in Cirque du Soleil
By Pete Hayman
Dubai World has announced that it has bought a 20 per cent stake in the world-renowned circus company, Cirque du Soleil.
The Quebec-based business will remain in the ownership of founder Guy Laliberté under the terms of the deal. Investment company Istithmar World, and developers Nakheel, acquired the stake for an undisclosed amount for Dubai World. Nakheel and Cirque du Soleil had already announced a 15-year partnership in May 2007 that will see the circus company establish its first resident show outside the United States and Far East on Palm Jumeirah in the Emirate state. Laliberté said: "We have found the right partners for the long-term growth in the form of Dubai World, and this marks a watershed moment in our evolution." Nakheel's chief executive, Chris O'Donnell, said: "Cirque du Soleil shows have always been major draws in attracting tourists from all over the world to such global leisure destinations as Las Vegas and Macau. We are confident that an original show and a brand new purpose-built venue on Palm Jumeirah will capture the imagination and provide a further draw for tourists around the world to visit Dubai."Dubai World has announced that it has bought a 20 per cent stake in the world-renowned circus company, Cirque du Soleil.
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