Fan Forum - View Single Post

**sunnykerr** · 08-08-2008, 08:36 PM

I came across this bit of news the other day (but

ate my post):

Quote:

Dubai buys into Cirque du Soleil

DUBAI, United Arab Emirates (AP) | Government-controlled investment firms in Dubai said Wednesday they acquired a 20 percent stake in the international circus touring company Cirque du Soleil.

Property developer Nakheel and investment company Istithmar World Capital did not say how much they paid for their share of the group, which began performing in Quebec in 1984 and today is a mainstay of theaters in Las Vegas and the Far East.

The agreement keeps control of the Montreal entertainment company in the hands of founder Guy Laliberte, putting to rest for now speculation that the troupe would be sold outright.

"This partnership is the best of both worlds for me and my management team," Mr. Laliberte said in a joint statement with Nakheel and Istithmar. "We can keep control of our creative challenges and operations while accelerating our growth doing projects all over the world."

Nakheel and Istithmar are part of Dubai World, a diversified holding company owned by the government of Dubai.

Nakheel, one of Dubai's biggest developers, and Cirque du Soleil agreed in May to build a theater on Palm Jumeira, a massive palm-shaped island housing development Nakheel is building in the Persian Gulf. The 1,800-seat facility is expected to house a permanent Cirque du Soleil show beginning in summer 2011.

Istithmar Chief Executive Officer David Jackson said the deal represented the company's first involving live entertainment, an area of investment he called "key to our media focus."

More than 100,000 visitors attended a monthlong run of a Cirque du Soleil performance in Dubai last year, the companies said.

Dubai World had an indirect interest in Cirque du Soleil's success even before Wednesday's deal was announced. The company owns a minority stake in casino operator MGM Mirage Inc., which operates Las Vegas hotels that host the circus' shows.

Washington Times - Dubai buys into Cirque du Soleil

Now, granted, I am a Montrealer, so this bit of news hit close to home. But Dubai's been on my mind lately and I thought it could make for a nice topic on here.

60 Minutes did an "expose" on the city/state last weekend. Just an exploration of what's going on over there and what the implications may be for the world at large.

Now, far be it from me to begrudge any country/city/state their right to compete on the world market and do everything they can to ensure that they thrive. I think we could all learn a thing or two about actively pursuing our best interests as communities.

However, I sometimes wonder about the cost of all this. As pointed out in the 60 Minutes documentary, and as was well known way before they talked about it, civil rights in Dubai are a bit dodgy. It's the biggest construction site in the world, but the workers are working in ridiculously harsh conditions (12-hour days, 6-day weeks, no holidays).

Aside from the immediate human costs, I also wonder about the safety codes these new, gavity-defying constructions are observing. Not to mention that large portions of it are built on man-made islands. How solid are those? Would one hurrican sweep it all away?

And how much pollution is all this creating? Again, my country's been polluting the world for decades now, so it hardly seems fair to come down on an up-and-coming region for their pollution. But it is a concern of mine.

So, what do you all think? Is Dubai doing what any other business-savvy city/state would do? Is it creating concerns and problems?