Istithmar unit CEO resigns

Dubai World said yesterday the chief executive of its Istithmar World had resigned and had been replaced by its chief investment officer, as the group focuses on managing its investments rather than making acquisitions.

Istithmar is one of the flagship companies of Dubai World.

David Jackson, who had spearheaded Istithmar's aggressive overseas expansion strategy, including the purchase of luxury US retailer Barney's New York and a stake in Standard Chartered, has been replaced by Andy Watson.

"Today, Istithmar World is focused on the steady-state management of existing assets to maximise value rather than on private equity investment," said Aidan Birkett, Chief Restructuring Officer at Dubai World, in an e-mailed statement.

Watson took over as chief investment officer at Istithmar World in September in a management reshuffle involving Dubai World's property unit Nakheel, developer of three palm shaped islands. He was previously at UK-based banking group Barclays.

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