Wednesday, October 28, 2009

Dubai Fund Feeling Good

Ististhar,a Dubai sovereign wealth fund,has come through a tough period earlier in the year.CEO David Jackson described February-March as difficult.They had to sell some assets,as cash was needed elsewhere.Now we're feeling pretty good about the portfolio,Mr.Jackson said.Like everyone else,we're cautious now.We're making small,bolt-on acquisitions.We're holding on to Barneys stores.We believe in the brand,but luxury bands aren't fairly valued right now.
Dubai's projects,such as its palm islands development,are going forward.We're still alive and kicking,Mr. Jackson assures us.I have an excellent relationship with the sheikhs.At one point,everyone's job was on the line.I'm committed to preserving what we have in the portfolio,Mr.Jackson noted.
Dubai is one of the United Arab Emirates.The UAE is on the Persian Gulf,between Oman to the south,and Qatar to the north.

No comments: