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Strategic alliance for Dubai World and MGM

by ArabianBusiness.com staff writer on Saturday, 25 August 2007

Dubai World and MGM Mirage have announced a number of agreements to form a long-term strategic partnership which will see Dubai World investing US$5bn in MGM Mirage, US$2.7bn in CityCentre, a landmark development in Las Vegas, and up to US$2.4bn in purchases of MGM common stock.

The two companies will enter into a 50/50 joint venture in the CityCentre development and Dubai World will acquire a significant minority equity position in MGM Mirage.

CityCentre Holdings LLC will be owned by MGM Mirage and Infinity World Development Corporation.

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