Istithmar rebrands

The Dubai investment firm has become Istithmar World following a year in which the firm has made headlines, like its MENA peers, through its forays into the US and Europe.

Dubai investment firm Istithmar has rebranded itself as Istithmar World as the group continues to diversify into venture capital, aviation and debt investing, the group’s spokesman said.

Istithmar World will be divided into three divisions, the private equity arm Istithmar World Capital, the aviation unit Istithmar Aviation and the venture division Istithmar Ventures.

The spokesman said the firm’s moves into venture and debt investing were in “an embryonic stage” although details of the firm’s plans would be forthcoming. The firm also has a real estate arm.

Like numerous Middle Eastern firms Istithmar’s investments have been eye-catching. In September it bought US department store Barneys for $924.3 million (€641.3 million) and acquired a 3 percent stake in European hedge fund GLG in July for an undisclosed sum.

The firm also opened its first China office in Shanghai in November last year.