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19 March 2024

No Cirque du Soleil stake sale

In May 2007, Nakheel and Cirque du Soleil had announced a 15-year partnership (SUPPLIED)

Published
By Parag Deulgaonkar

Cirque du Soleil, the Canadian entertainment company, will not have a permanent base in Dubai, Emirates24|7 can reveal.

“There is no plan for a Cirque du Soleil permanent base in Dubai at all right now. This project has been set aside,” company’s Corporate PR Manager Chantal Côté said.

In May 2007, Nakheel and Cirque du Soleil had announced a 15-year partnership to develop a permanent show on Palm Jumeirah. The two companies were to 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.

A Nakheel spokesperson declined comment.

Asked if Cirque was in talks with any other companies in the UAE to host a permanent show, Côté said: “We are not speaking to any other party in the UAE.”

Besides, the company has no active plans right now for a show in Dubai this year. Cirque has performed twice in Dubai – Quidam in 2007 and Alegria in 2009.

Headquartered in Montreal, Cirque is owned largely by its founder, Guy Laliberté. In 2008, Nakheel and Istithmar purchased a 20 per cent stake in the firm.

Asked if Nakheel or Istithmar were in talks to sell their stakes, Côté said: ““They cannot sell their stake without the consent of Cirque du Soleil's founder Guy Laliberté. There are no discussions to that effect at the moment. They still own 20 per cent of Cirque du Soleil.”

In an interview with Harvard Business Review this week, Daniel Lamarre, Chief Executive Officer, Cirque du Soleil said the future lies in expanding its operations in Europe and Asia, since it has more or less saturated the market for its productions in North America.

The company currently seven permanent shows based in Las Vegas, and another 11 shows on tour. Three more are in the pipeline, including one opening in October based on the music of Michael Jackson.