The deep pockets and experience of the V&A Waterfront's new owners will move both the icon project and Cape Town to new levels.

Dubai World's purchase of the V&A Waterfront in a joint venture with the UK's London & Regional, including a broad-based black economic empowerment consortium, makes this its first major leisure project outside Dubai, though it has a large holding in Sol Kerzner's One&Only resort group.

The government-owned group is chaired by Sultan Ahmed bin Sulayem. London & Regional, the pan-European blue-chip property giant headed by Richard Livingstone, owns office buildings, shopping centres and Hilton hotels. Dubai World's share in V&A will be held through subsidiary Istithmar; development company Nakheel will probably be a joint operator in developments. Nakheel is probably the world's biggest developer. Its projects include The Palm, The World and other islands off Dubai. "V&A will now be promoted alongside The Palms," says Durban-raised Nakheel CEO James Wilson.

The owners will bring some top resort names into SA, which could include Ritz Carlton and Four Seasons, and possibly give Kerzner's One&Only a second shot at a waterfront development. Retail names that may come with the new owners are Dolce & Gabbana, Harrods, Harvey Nichols and Starbucks