Istithmar World lays off 10% of staff

Istithmar World, the investment arm of government-owned Dubai World, is attempting to cut costs.

Istithmar World, the investment arm of Dubai Government-owned Dubai World, has made 10 per cent of its workforce, or 13 people, redundant as it attempts to cut costs because of the global economic slowdown. The company said in a statement that the move was made "in light of current external market conditions and our strategy to align resources in line with business requirements for 2009".

The company has investments in markets including North America, Europe, Asia and the Middle East, and across sectors including consumer, industrial and financial services. "We remain confident of our investment strategy for driving long-term growth and above-average returns, and have adjusted our short-term business plan to capitalise on the opportunities that will open up when the economic recovery begins," the statement added.

Those still working at the firm will be reallocated to areas which the company believes will see potential this year. "Our investments are diversified across a range of sectors and are backed by prudent leveraging and diligent financial planning. Istithmar World is positioned to weather the global challenges in the short-term and focus on growth opportunities to continue delivering exceptional returns to its shareholders." [e-mail]