Business | Investment
Istithmar World and Nakheel buy stake in Cirque du Soleil
Istithmar World, the investment arm of Dubai World, and Nakheel yesterday said they had together acquired a 20 per cent stake in Cirque du Soleil, the world's leading live entertainment company.
- Staff Report
- Published: 16:31 August 6, 2008
- Image Credit: Supplied picture
- Cirque du Soleil is producing 18 shows around the world in 2008, including new permanently based shows in Macau, Tokyo and Las Vegas, slated to open later this year.
Dubai: Istithmar World, the investment arm of Dubai World, and Nakheel yesterday said they had together acquired a 20 per cent stake in Cirque du Soleil, the world's leading live entertainment company.
"Under the terms of the agreement, the remainder of the business will continue to be owned by Cirque du Soleil's founder, Guy Laliberté, and his team," both the companies said in a statement.
Quebec-based Cirque du Soleil has annual sales in excess of $700 million and attracts nearly 10 million visitors a year, making it one of the world's largest entertainment businesses.
Nakheel and Cirque du Soleil announced a 15-year partnership in May 2007 to develop a permanent show on Palm Jumeirah. The two organisations will jointly design and build a 1,800-seat theatre that will be home to the first ever Cirque resident show to be staged outside of the United States and the Far East. Designs for the theatre are under way, as are plans for the custom-produced show.
Palm Jumeirah will also host Cirque du Soleil's touring show Alegria in spring 2009 as a prelude to the permanent show, which is due to open on the island in summer 2011.
David Jackson, chief executive of Istithmar World Capital, said: "Cirque du Soleil marks Istithmar World's first foray into the live entertainment space, which is a key to our media focus. As a longstanding market leader in the live entertainment segment, Cirque du Soleil represents the ideal platform for Istithmar World to fuse its strong investment network into a highly focused and dynamic institution, with tremendous scope for growth across markets."
Cirque du Soleil is currently producing 18 shows around the world for 2008, including new permanently based shows in Macau, Tokyo and Las Vegas, slated to open later this year. The company has been credited with creating an entirely new performance genre by blending traditional circus acts with dance, music, mime and vivid theatricality.
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