Dubai's Istithmar axes jobs as funds dry up

Istithmar World, Dubai’s high-profile investment vehicle that snapped up brand names across the globe, has slashed its investment workforce by three-quarters as asset prices tumble and its funds dry up, a source familiar with the matter told Maktoob Business on Tuesday.

The source said Istithmar has cut its core investment staff to around 10 from 40 over the past few months and is not looking at further assets in a dramatic turnaround in the company’s fortunes as the global financial crisis hits Dubai and its state-owned entities.

"To put it bluntly, there is no reason for being an investment company that does not have the means to invest," the source said.