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Sun 18 Jan 2009 02:31 PM

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Istithmar World cuts its workforce by 10%

Jobs go at Dubai-owned investment company as global economic slowdown continues to impact.

Dubai-owned investment company Istithmar World announced on Sunday it has 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.

“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 staff members, which is equivalent to 10 per cent of its total employee strength,” the firm said in a statement on Sunday.

The statement added: "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.

"We have a clear plan to reallocate resources to areas where we see potential in 2009. 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."

Istithmar is the latest UAE firm to reduce its staff which has seen thousands of redundancies, mainly in the construction and real estate industries.

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