Istithmar
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| Subsidiary | |
| Industry | Finance and Insurance |
| Founded | Dubai, UAE (2003) |
| Headquarters | Dubai, Dubai, UAE |
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Key people
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Ahmed bin Saeed Al Maktoum, Chairman |
| Products | Financial Services |
| Parent | Dubai World |
| Website | www.istithmarworld.com www.istithmar.world |
Istithmar World ("istithmar" is Arabic for "investment") is an investment firm based in Dubai, United Arab Emirates (UAE). This company is a state-run business owned by Dubai World, a Dubai government-owned company, and was established in 2003. Originally known as "Istithmar," the company was renamed as "Istithmar World" in 2008.
Istithmar World, which was created in 2003 as the investment arm of Dubai World specializes in private equity and alternative investment opportunities globally. In the five years since its inception, Istithmar World has built a portfolio of investments in markets ranging from North America and Europe to Asia and the Middle East, and across a variety of sectors, including consumer, industrial, financial services and real estate.
An analysis of Istithmar's investment portfolio which included the investment of $3.8 billion with an associated $14 billion of debt, has not performed positively. In a number of cases, Istithmar has lost control of assets or sold at a loss. As a subsidiary of Dubai World, the company has been mentioned in numerous press reports related to the high debt levels of its parent. Since late 2009, the company has seen numerous departures of high-profile executives.
Headquartered in Dubai, UAE, with offices in Shanghai, China and New York, United States, Istithmar World invests through its three separately-managed divisions: Istithmar World Capital, Istithmar World Aviation and Istithmar World Ventures.
The Board of Istithmar is led by the Chairman, HH Sheikh Ahmed bin Saeed Al Maktoum. Other Board Members include Mohammad Ibrahim Al Shaibani (Director General of the Dubai Ruler’s Court), Abdul Rahman Saleh Al Saleh (Director General of the Finance Department), Hamad Mubarak Bu Amim (Director General of the Dubai Chamber of Commerce and Industry), Sa’adi Abdul Rahim Hassan Al Rais and Sun Yong Chang.
Each of the divisions had its own management teams until a re-organisation was enacted at the end of 2009 and in early 2010. Istithmar World Capital saw the departure of its co-CIOs, John Amato and Felix Herlihy, who had joined the firm in 2006, who announced their departure in September 2009. On 20 January 2010, the CEO of Istithmar World Capital, David Jackson announced that he would be leaving the firm. Andy Watson, who had been promoted from CIO of Nakheel to CIO of Istithmar became acting CEO.
In July 2012, the board of Istithmar was reshuffled by chairman Sultan Ahmed Bin Sulayem, before being entirely replaced a few hours later, on the instructions of Dubai’s ruler, Sheikh Mohammed bin Rashid Al Maktoum, by the board of Dubai World.
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Wikipedia