In the heat of August, somehow I missed this announcement from nouveau-circus mavens Cirque du Soleil about their 20-percent buyout by the government of Dubai (through Istithmar World Capital and Nakheel PJSC, also reported here). The stake adds meat to an existing partnership between the Canadian mega-performer and the emirate, where the two had already been working on a permanent show in a new
1,800-seat theatre on Palm Jumeirah,
an artificial island off the coast of Dubai.
Cirque has reported annual revenue of $700 million, and its founder Guy Laliberte was already valued at $1.5 billion last year. It’s nice to know he’ll have a little more spending money, and a nice warm place to winter.
But it’s also fascinating to watch Dubai and its fellow emirates turn to culture, couture, and tourism as their other source of income is showing signs of running out. The arts may not be oil, but they certainly are valued (in some places, at least) for the energy they bring.
