Istithmar World, the investment arm of Dubai World, has downsized its workforce by 10 per cent as part of its strategy to align resources in line with business requirements for 2009, according to an official spokesperson of the company.
However, sources close to the development said that all the retrenched employees were from Dubai and Shanghai offices only. Its New York and other offices have not been impacted by the move.
"In light of current external market conditions and our strategy to align resources in line with business requirements for 2009, Istithmar World has reduced its workforce by 13 members, which is equivalent to 10 per cent of its total strength," the spokesperson said.
Follow Emirates 24|7 on Google News.