Dubai World executive jet business shuts down

* username: rupertbu

A subsidiary of Dubai World has shut down its executive jet management business, citing “commercial reasons”, in fresh evidence of belt tightening at the group as it seeks to restructure operations and postpone debt repayments.

Istithmar World Aviation Executive Jets, part of Dubai World’s investment arm Istithmar World, closed its doors in December, a month after the parent company Dubai World announced a major debt restructuring.

“For commercial reasons, Istithmar World decided last year to wind down its corporate jet management operation under Istithmar World Aviation. This decision has no impact on Istithmar World’s asset base,” a representative for the company said yesterday.