Dubai World, the Dubai holding company for private equity business Istithmar, is investing $5bn (€3.7bn) in Las Vegas hotel and casino business MGM Mirage as the investment group builds its US assets.

Through its subsidiary Infinity World Investments, Dubai World is investing $2.7bn in MGM's City Center development, a mixed-use luxury residential, resort and retail complex along the Las Vegas Strip as part of a joint venture with MGM Mirage. Dubai World is also buying $2.4 billion worth of MGM Mirage shares, reflecting a 9.5% stake in the business.