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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: August 30, 2014
INTERNATIONAL. "I believe that in the wake of the Gaza war and the basis on which the ceasefire was established, a new momentum for peace negotiations might have been created."
date:Posted: August 30, 2014
QATAR. Price increases may suggest a potential overheating of the real estate sector. Closer analysis, however, indicates that the increase is still within the fundamentals of Qatar's fast growing economy and rapid population growth.
date:Posted: August 29, 2014
KUEAIT. There is plenty of potential in the Kuwaiti market, should investor interest remain and the government carries out its proposed spending plans. The government's 2014/15 budget is expansionary, with expenditure growth of 3.2% to US$77.3 billion.
QATAR. Price increases may suggest a potential overheating of the real estate sector. Closer analysis, however, indicates that the increase is still within the fundamentals of Qatar's fast growing economy and rapid population growth.
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