Dubai said on Wednesday it agreed to pay as much as $5.1 billion for a 9.5 percent stake in MGM Mirage Inc, and half of the casino company's CitiCenter hotels and apartments project in Las Vegas.

State-owned Dubai World said it will buy 14.2 million MGM shares from the company at $84 each and 14.2 million shares from investors at the same price.

It will also pay $2.7 billion for half of CityCenter, Dubai World said.