Istithmar World, the investment arm of Dubai World, and Nakheel, one of the largest developers in the country, have acquired a 20 per cent stake in Cirque du Soleil, both companies announced yesterday. Cirque du Soleil, based in Quebec, has annual sales in excess of US$700 million (Dh2.6 billion) and attracts nearly 10 million visitors a year, making it one of the world's largest entertainment companies. 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. "The stake will be an equal share between Istithmar and Nakheel," said a spokesman from Nakheel, who declined to give details about the value of the shares.
Mr Laliberté called the partnership "the best of both worlds" for his management team. "We can keep control of our creative challenges and operations, while accelerating our growth doing projects all over the world," he said. "The opportunity to be involved in an entertainment project of this scale in conjunction with the resources of Istithmar World and Nakheel is extremely exciting for all of us at Cirque du Soleil." In the coming weeks, Cirque du Soleil will start working with Istithmar World and Nakheel on their strategy to enter the UAE, said the Nakheel spokesman. "In addition to establishing a permanent theatre in Dubai [on the Palm Jumeirah] we will open a show production office, a ticketing company and a technical equipment and set design rental company," said Mr Laliberté. Last May, Nakheel and Cirque du Soleil announced a 15-year partnership to develop a permanent show on the man-made Palm Jumeirah in Dubai. The two organisations will jointly design and build a 1,800-seat theatre that will be home to the first-ever permanent Cirque show to be staged outside of the US and the Far East. "Dubai's Department of Tourism and Commerce Marketing set a target to attract 15 million tourists by 2015 and by having attractions like the Cirque du Soleil this goal could be met," said the Nakheel spokesman. Designs for the theatre and custom-produced show were "underway". Palm Jumeirah will also host Cirque du Soleil's world famous touring show, Alegria, in the spring of next year as a prelude to the permanent show, which is due to open on the island in the summer of 2011. "The theatre will be located in the Palm mall, which will also be ready by 2011," said the Nakheel spokesman. Cirque du Soleil is producing 18 shows around the world, including new permanently based shows in Macau, Tokyo and Las Vegas that are set to open later this year. The company is known for creating an entirely new performance genre by blending traditional circus acts with dance, music, mime and theatrics. When Quidam was staged in Dubai last year, it was among the most successful single entertainment projects the city had ever seen, with more than 100,000 people attending the month-long run at Nakheel's Ibn Battuta Mall.
@Email:abakr@thenational.ae