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Dubai World to buy 9.5pc stake in MGM Mirage
DUBAI - A Dubai government investment firm, Dubai World, said on Wednesday it will spend around five billion dollars for a 9.5 percent stake in the MGM Mirage entertainment company and half of its CityCenter development in Las Vegas.
Dubai World said in a statement it had reached an agreement in which it will pay up to 2.4 billion dollars for up to 28.4 million MGM Mirage shares.
The firm said it will also pay 2.7 billion dollars for a stake in MGM Mirage’s multi-billion dollar retail and leisure complex planned to be completed in late 2009.
“The companies will enter into a 50/50 joint venture in the landmark CityCenter development in Las Vegas,” the firm said.
Dubai World has been increasingly making big investments overseas, including spending one billion dollars to build new facilities at Cape Town’s Victoria and Alfred waterfront in time for the 2010 football World Cup in South Africa.
“Our vision is to create a global portfolio of signature properties that will create value for generations to come,” Dubai World chairman Sultan bin Sulayem said in the statement.
The booming Gulf emirate of Dubai is a member of the seven-strong United Arab Emirates, and is fast becoming a global business and leisure hub.
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