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Dubai's Istithmar slows investment as result of credit crisis
Source: BI-ME and Bloomberg , Author: BI-ME staff
Posted: Wed February 4, 2009 12:00 am

UAE. Istithmar World, a Dubai government-owned investment company with about US$10 billion in assets, has slowed investment because of the global credit crisis.

Chief Investment Officer Felix Herlihy said that even though Istithmar was “inundated” with calls for investment, the company didn’t plan to rush into something because it looked cheap. “We want to stick to what we know enough about,” Herlihy said at a conference in Dubai.

Istithmar owns Barneys New York, a majority of Gulf Stream Asset Management, and 20% of Canadian circus troupe Cirque du Soleil. The company last month said it cut staff by 10%, or 13 employees, to reduce costs.

Istithmar will continue to look for opportunities in building products, transport, logistics, insurance, emerging market banks, healthcare and education, Herlihy said.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: February 11, 2016
INTERNATIONAL. "Although we anticipate some strain on Gulf banks' funding and liquidity this year, good asset quality and strong capitalization remain positive factors."
date:Posted: February 10, 2016
UAE. Low oil prices will constrain the amount of funding available to Gulf sovereigns and banks to support the region's substantial infrastructure bill in coming years; S&P projects a gap as large as $270 billion through 2019 between capital spending for projects and project contracts awarded.
date:Posted: February 10, 2016
UAE. Across the Middle East, educational institutions and providers face a myriad of challenges and opportunities; "Educational organizations are increasingly being asked to demonstrate their wider impact and contribution to goals around employability, social mobility and inclusion."
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