Dubai firms swoop for stake in circus.

Provided by 7DAYS.ae

Istithmar World and Nakheel have teamed up to purchaseAaAa a 20 per cent stake in Canada-based circus act Cirque du Soleil.

7DAYS originally reported on speculation that a Dubai wealth fund was lining up a takeover for the Cirque in June, with Istithmar declining to comment and the circus itself insisting it was "not for sale".But both parties confirmed in a statement yesterday that the rumours had been true after all, though no value was given for the purchase of the stake.Under the terms of the agreement, the Cirque, which draws in almost ten million visitors a year, will continue to be owned by its founder and main shareholder Guy LalibertE[umlaut]."This partnership is a unique opportunity that puts forward the dream I have forged for Cirque du Soleil to continue at another level," LalibertE[umlaut] said in the statement.Last year, Nakheel and Cirque du Soleil announced a 15-year partnership to develop a permanent show - complete with a 1,800-seat theatre - on the Palm Jumeirah. The first performance has now been put back to the summer of 2011, though the Palm will host the troupe's 'Alegria' show next spring."In the coming weeks we will implement a development structure that will allow us to become a major player in Dubai," LalibertE[umlaut] said. "In addition to establishing a permanent theatre in Dubai, we will open a show production office, a ticketing company and a technical equipment and set design rental company."David Jackson, chief executive officer of Istithmar World Capital, said the acquisiton marked Istithmar World's "first foray into the live entertainment space", which he described as "a key to our media focus".

A[umlaut] 2007 Al Sidra Media LLC

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