Dubai World Istithmar unit CEO replaced by CIO

Istithmar WorldState-owned investment company Dubai World is aiming more at managing its investments rather than making new acquisitions these days, and the group for this reason has also replaced the chief executive of its Istithmar World with the unit's chief investment officer.

One of the flagship companies of state-owned Dubai World, Istithmar was hit adversely by the global financial crisis and now is busy in restructuring some $22 billion of debt.

Andy Watson has replaced David Jackson, who had spearheaded Istithmar's aggressive overseas expansion strategy, including the purchase of luxury U. S. retailer Barney's New York and a stake in Standard Chartered.

A Dubai-based analyst who didn't want to be identified explained, "Jackson was perceived as a bull-market specialist who was good at forcing through positive decisions but who wasn't necessarily good at biting the bullet."

Back in September, in the middle of a management shake-up, two Istithmar executives left the group. There were rumors at that time too that Jackson would also leave; however Istithmar said then he would continue to lead the company.

Dubai World hired Deloitte's Birkett at the end of November to lead the group's restructuring.