You are hereHome CategoriesNews
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: August 18, 2017
UAE. As many as 292 tenders with an estimated value of US$9.5 billion were awarded in Q2, while the total value of urban construction project awards set to reach US$50.9 billion in 2017, according to BNC Network.
date:Posted: August 17, 2017
UAE. Inaugural Global Interconnection Index finds interconnection becoming an essential building block of the global digital economy.
date:Posted: August 16, 2017
UAE. Jeff Youssef, Partner at Oliver Wyman and co-author of "Leveraging the Private Sector to Improve Airport Infrastructure", comments on airport privatisation in the region.
dhgate