Istithmar World
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Istithmar Worlds
Type
Subsidiary
Industry
Finance and Insurance
Founded
Dubai, UAE (2003)
Headquarters
Dubai
,
Dubai, UAE
Area served
UAE
China
United States
Key people
Ahmed bin Saeed Al Maktoum, Chairman
Products
Financial services
Parent
Dubai World
Website
www.istithmarworld.com www.istithmar.world
Istithmar World ("istithmar" (Arabic) for "investment" (English)) is an investment firm
based in Dubai, United Arab Emirates (UAE). This company is a state-run business
owned by Dubai World, a Dubai government-owned company, and was established in
2003. Originally known as "Istithmar," the company was renamed as "Istithmar World" in
2008.
Istithmar World, which was created in 2003 as the investment firm of Dubai World
specializes in private equity and alternative investment opportunities globally. In the five
years since its inception, Istithmar World has built a portfolio of investments in markets
ranging from North America and Europe to Asia and the Middle East, and across a
variety of sectors, including consumer, industrial, financial services and real estate.
An analysis of Istithmar's investment portfolio which included the investment of $3.8
billion with an associated $14 billion of debt, has not performed positively. In a number
of cases, Istithmar has lost control of assets or sold at a loss. As a subsidiary of Dubai
World, the company has been mentioned in numerous press reports related to the high
debt levels of its parent. Since late 2009, the company has seen numerous departures
of high-profile executives.
Contents
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1Divisions
2Board and management
3Dubai related financial concerns
4Investment portfolio
5References
6External links
Divisions[edit]
Headquartered in Dubai, UAE, with offices in Shanghai, China and New York City,
United States, Istithmar World invests through its three separately-managed divisions:
Istithmar World Capital, Istithmar World Aviation and Istithmar World Ventures.
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Istithmar World Capital is the private equity and
alternative investment arm of Istithmar World. Since
inception, IWC has made over 35 investments.
Istithmar World Aviation invests in fast-growing
sectors of the aviation and aerospace industry,
including airlines, manufacturing, engineering and
financing.
Istithmar World Ventures is a venture capital
platform that provides promising start-ups and
greenfield ventures with the necessary financial and
managerial resources.
Board and management[edit]
The Board of Istithmar [1] is led by the Chairman, Sheikh Ahmed bin Saeed Al Maktoum.
Other Board Members include Mohammad Ibrahim Al Shaibani (Director General of the
Dubai Ruler's Court), Farouk Bin Hamad Al Thani (Chairman, Belwan Al Thani Group)
Abdul Rahman Saleh Al Saleh (Director General of the Finance Department), Hamad
Mubarak Bu Amim (Director General of the Dubai Chamber of Commerce and Industry),
Sa’adi Abdul Rahim Hassan Al Rais and Sun Yong Chang.
Each of the divisions had its own management teams until a re-organisation was
enacted at the end of 2009 and in early 2010. Istithmar World Capital saw the departure
of its co-CIOs, John Amato and Felix Herlihy, who had joined the firm in 2006, [2] who
announced their departure in September 2009.[3] On 20 January 2010, the CEO of
Istithmar World Capital, David Jackson announced that he would be leaving the
firm.[4] Andy Watson, who had been promoted from CIO of Nakheel to CIO of Istithmar
became acting CEO.
In July 2012, the board of Istithmar was reshuffled by chairman Sultan Ahmed Bin
Sulayem, before being entirely replaced a few hours later, on the instructions of Dubai's
ruler, Sheikh Mohammed bin Rashid Al Maktoum, by the board of Dubai World.[5]
Dubai related financial concerns[edit]
On 26 November 2009, the Wall Street Journal reported that Dubai World was seeking
to sign a 6-month debt standstill agreement with its creditors.[6] In response to the
announcement Moody's and Standard & Poor's downgraded the debt of various Dubai
government-related entities, with Moody's downgrading the affected agencies to subinvestment grade status. The effect of the announcement was widespread fear in the
global financial markets with a negative impact of equities markets around the world and
a significant increase in the cost of insuring debt issued by Dubai related entities. [7]
On 30 November 2009, Dubai World made a statement in an attempt to counter
rumours and mis-understanding.[8] In the statement, Dubai World indicated that Istithmar
would not be part of the proposed restructuring process. Instead the restructuring
process would focus on several property related subsidiaries, most notably Nakheel.
The statement noted that the total debt subject to the proposed restructuring was circa
$26 billion.
Investment portfolio[edit]
Istithmar World Capital states on its website that it has deployed $3.5 billion of capital in
35 investments across the globe. In an interview with the Financial Times in March
2009, the then CEO, David Jackson indicated that total assets under management by
Istithmar had declined due to the global financial crisis and were $9 billion by the end of
2008.[9] In the article, Jackson indicated that Istithmar had delivered returns of
approximately 10% since its foundation. According to The Times in an article on 7
February 2010,[10] Istithmar invested a total of $3.8 billion of its own capital from its
foundation and took on an additional $14 billion of debt.
Existing and historic investments include:
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Hyflux, a Singapore base water utility. Istithmar
bought a 20% stake in July 2004 for approximately
S$25 million.[11] Istithmar sold it stake in early 2009.
In January 2010, Istithmar entered into a legal
dispute with Hyflux over the potential exercise of
warrants.[12]
Time Warner, the US media company. Istithmar
bought a 2.4% stake in February 2006, and hired
Carl Icahn to work with them on the investment.[13] In
early 2006, Time Warner's stock price traded above
$50 a share. Jackson disclosed the stake was sold
in the second half of 2008, when the stock price was
trading below $50 a share.
InterContinental Hotels Group. Bought in Sept 2007
and sold toward end of 2009. Jackson indicated that
Istithmar made no return on the investment.
Barneys New York, a retailer. Purchased for $825m
in June 2008. In September 2009, Istithmar released
a statement to counter rumours of a bankruptcy filing
by Barney's.[14] Despite Istithmar's wish to dispel
rumours about the financial health of Barneys, the
Wall Street Journal reported that US billionaire
Ronald Burkle, who owns some of Barneys debt
offered to convert his debt and an injection of an
additional $50 million into Barneys in return for an
80% stake in the company.[15] Istithmar relinquished
majority ownership in May 2012 to Perry
Capital which was the company's biggest lender in a
deal which reduced Barney's debt from $590 million
to $50 million (although Istithmar still maintains a
minority stake).[16]
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Loehmann's, a specialty retailer in the US, which
Istithmar bought in July 2006 for $300m. The vendor
was Arcapita, who had bought Loehmann's in
October 2004 for $178 million.[17]
Perella Weinberg Partners, a mergers-andacquisitions boutique. Istithmar invested $100m for a
10% stake.[18]
The Pension Insurance Corporation. Other
shareholders in the Pension Corporation include JC
Flowers, JP Morgan, Coller Capital, Lloyds Banking
Group, Och-Ziff Capital Management, Royal Bank of
Scotland, Sampo, and Swiss Re. Istithmar
committed in December 2006 to invest $170 million
in the Pension Corporation.[19]
Gulf Stream Asset Management, an asset
management company. Istithmar acquired a majority
stake in April 2008.[20] At the time of the transaction,
Gulf has $3.8 billion of assets under management.
At the end of 2009 their stated assets under
management had fallen to $3.6 billion.
GLG Partners, a hedge fund based in London.
Istithmar acquired its 3% stake directly from the
founders of GLG in June 2007.[21] The $3.4 billion
reverse acquisition was calculated at a price of $10
a share. At the end of 2009, GLG's shares traded at
$3.22 a share.
ESPA International, a spa and skincare treatments
company. In April 2008, Istithmar acquired a 40%
stake in ESPA[22]
Houghton Mifflin Harcourt, a publisher in the US. On
22 February 2010, Houghton Mifflin
Harcourt announced that EMPG and HMH had
reached an agreement to restructure the finances of
the company and recapitalize its balance sheet with
a substantial fresh cash investment by institutional
investors.[23] According to the Irish Times [24] the
investments by the current equity holders of EMPG,
including Istithmar and others, will see their
combined investment of over $3.5 billion written
down to zero.
EMPGI, an investment company focused on
education in China and India. EMPGI was
incorporated in May 2008 as joint venture
between EMPG, the holding company that controls
Houghton Mifflin Harcourt[25] and Istithmar.[26]
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Inchcape Shipping Services (ISS), a ports and
marine management business. In February 2010,
the Financial Times reported that Istithmar was
looking for buyers of ISS for between $600–
700m.[27] Istithmar bought ISS for $285m.
Arcapita, an investment bank based in Bahrain
Tamweel, a real-estate finance company. Istithmar
has a 21.6% stake. In September 2008, Istithmar
suspended two of its executives who were working
at Tamweel pending an investigation into financial
wrongdoings.[28] In August 2009, they were released
on bail having been held without charge for a
year.[29] The company's shares have been
suspended from the stock exchange since
November 2008. However, according to Bloomberg,
in February 2010, the company is seeking
permission to have its shares restart trading.
However the company needs circa $272 million for
its operations.[30]
Standard Chartered Bank, listed on the London
Stock Exchange with a retail and commercial
presence in over 50 countries with a focus on
emerging markets. Istithmar has a 2.7% stake.
Istithmar bought it stake for $1 billion in October
2006.[31]
Bumrungrad International Hospital, a healthcare
service provider in Thailand and South East Asia
Cirque du Soleil, an entertainment company.
Istithmar bought a 20% stake in August 2008.[32] In a
related deal, Istithmar's sister company Nakheel
agreed to a 15-year partnership to develop a
permanent show on the Palm Jumeirah. In February
2010, a Canadian newspaper wrote that Istithmar
may consider selling its stake, which it is estimated
to have acquired for $600 million.[33]
SpiceJet, an Indian Airline. Istithmar invested a total
of $50m in SpiceJet by December 2005.[34] The entire
13.4% stake was sold in February 2010 for 1.74
billion rupees ($37 million).[35]
Real estate in the UK. In November 2009,
Bloomberg reported that the Great Portland Estates
had acquired two building developments in London
(one on Regent Street, another near Oxford Street)
for £10 million and a share in future profits. Istithmar
had acquired the two properties for £80 million two
years earlier.[36]
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Istithmar Hotels, a subsidiary initially formed in April
2006 to hold Istithmar's hospitality assets.[37] Istithmar
Hotels acquired a number of landmark New York
properties including: W New York Union
Square; The Knickerbocker Hotel at Times
Square; 280 Park Avenue; 450 Lexington Avenue;
the Helmsley Building; and the Mandarin Oriental,
New York. The cost of the Mandarin Oriental was
$340 million.[38] At the time the price of $1.37 million
was highlighted a big increase on the $1 million per
room that Istithmar paid for the W Union Square.[39] In
Washington DC, Istithmar acquired the Hotel
Washington in October 2006 for $150 million from
Westbrook Partners who had purchased the hotel
earlier that year for $120 million.[40] In London, they
acquired One Trafalgar Square.[41] Other investments
included the purchase of a 25% shareholding in a
Thai real estate developer, Raimon Land Public
Company Limited.[38]
IHI plc. In December 2006, Istithmar Hotels invested
Euro 178 million in International Hotel Investments,
a Maltese company listed on the stock
exchange.[42] According to the Bond Prospectus of
IHI issued in March 2010, Istithmar owns 33% of
IHI.[43] Istithmar made its investment at €1 a share.
On 2 March 2010, the stock traded at Eu 0.80 a
share according to the Maltese Stock Exchange
website.
Nakheel Hotels. In December 2007, Istithmar Hotels
merged with its sister company Nakheel Hotels,
keeping the name Nakheel Hotels, with CEO of the
Istithmar division becoming CEO of the merged
entity.[44] At the time, the business was reported to
have investments with a value of $3 billion. Projects
that were highlighted included: Trump International
Hotel and Tower (Dubai) on The Palm Jumeirah;
Mandarin Oriental New York; W Union Square; Hotel
Washington in DC; a significant equity stake in
Kerzner International; a significant equity stake in IHI
plc; and the QE2. In February 2008, Nakheel Hotels
announced the acquisition of a 50% stake in a
Mexican resort based on an enterprise value of $315
million.[45] In April 2008, Nakheel announced the
investment of $375 million for a 50% stake in
the Fontainebleau Miami Beach resort.[46] The resort
found itself in financial difficulty, and in March 2010,
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Istithmar and other equity holders had to offer an
injection of an additional $100 million of equity.[47]
Trump International Hotel and Tower (Dubai). In
December 2009 Donald Trump was interviewed on
CNBC and asked about Dubai.[48] The Trump Tower
had been expected to be a $1.1 billion project with a
62-story building with penthouses costing $3,000 a
square foot or $30 million a penthouse. Trump
stated: I was going to do a deal there with Nakheel
and they paid me a lot of money to go into a
partnership and they were getting ready to start the
building about a year ago and they were all excited
and then the market collapsed on them.
The QE2 cruise ship. Purchased for $100 million
from Cunard in June 2007. In February 2010, the
Press Association wrote that Isithmar may sell the
QE2, despite its prior plan to turn the boat into a
luxury hotel, based at the Victoria & Alfred
Waterfront in Cape Town, South Africa.[49]
Kerzner International. In July 2005, Istithmar entered
into a partnership with Kerzner to build Atlantis, The
Palm a resort at Palm Jumeirah in Dubai. The
project was valued at $1.2 billion of which $500
million was equity from the shareholders.[50] In March
2006, Istithmar led a consortium to take Kerzner
International private in a transaction worth $3.6
billion. Istithmar increased its shareholding from 13%
to 30% in the deal.[51]
W Hotel, New York Union Square. The Times
reports that Istithmar incurred a $283m loss, when it
accepted $2m for its stake in the W Hotel, after it
defaulted on its debts.[10] LEM, an affiliate of LubertAdler Real Estate Funds now controls the hotel. On
1 March 2010, Bloomberg reported that the lender to
Istithmar, 201 Park Avenue South PEH LLC, sued
Istithmar claiming that "Istithmar had
misappropriated approximately $3.2 million from an
account established to fund renovations to the hotel
and had improperly used these funds for its own
personal uses" and over a $75 million loan
guarantee.[52]
Knickerbocker Hotel. The Wall Street Journal
reported on 3 March 2010, that Istithmar had
defaulted on its $300 million mortgage to Danske
Bank.[53] In addition to the 300,000-square-foot
(28,000 m2) building at 42nd and Broadway in New

York, Istithmar had acquired an adjoining site for
$76 million. The plan was to convert the building
from its current use, an office block, back into an
upmarket hotel.
Palm Utilities, a Dubai-based utilities company fully
owned by Istithmar World. Palm Utilities is a holding
company to Palm District Cooling that provides
chilled water and district cooling services to various
communities and developments in Dubai.
In addition to preceding list of investments, the re-organisation of Dubai World,
announced in October 2009, led to a number of other assets being transfer to Istithmar
from an investment management perspective.[54] These assets included Dubai World
Africa, an investment vehicle for the African Continent. The flagship investment is
the Victoria & Alfred Waterfront in Cape Town, South Africa. Other investments include
game reserves, wildlife conservation and eco tourism in Africa, with operations in South
Africa, Rwanda, Comoros, Mozambique, Senegal and Zimbabwe.
References[edit]
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External links[edit]
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Istithmar website
Dubai World Africa
Nakheel
Trump Dubai
Istithmar sells £172m West End asset
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Dubai World
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