Istithmar 'inundated' with calls on collapsed deals

INVESTMENT ARM: Istithmar last year acquired a 20 percent stake in Cirque du Soleil, the circus themed theatre show. (Getty Images)

Dubai-owned investment company Istithmar World said on Wednesday it had been "inundated" with calls and proposals regarding deals that had collapsed amid the global financial crisis.

The company said it was looking at opportunities globally but would not be tempted into deals with people desperate for investment saying only "vulture investors" would consider such a deal.

He added that the company, which recently cut its workforce by 10 percent, had slowed the pace of investments to take into account the current economic situation.

Chief investment officer Felix Herlihy told Arabian Business: "We would rather make two to three times our money over four to five years by just letting top line growth do it rather than do any financial engineering."

Speaking on the sidelines of a conference on Latin American Finance in Dubai, he added that the company had last year seen "deals that made no sense".

He said despite the global turmoil he remained bullish on investment opportunities in sectors such as building products, transport/logistics, insurance, emerging market banks, healthcare and education.

Dubai-owned investment company Istithmar World announced recently it had cut the size of its workforce by 10 percent amid the global economic slowdown.

Istithmar, an investment arm of Dubai World, the state-owned conglomerate, said it was shedding 13 staff due to the impact of the worldwide crisis.

The company, which employs around 130 staff, last year acquired a 20 percent stake in Cirque du Soleil, the circus themed theatre show, due to return to Dubai for a month-long run this year.

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