Istithmar World

[onhmss]

After all the local rumours about takeovers one day then no takeover the next, etc., anyone have any solid info on how things are at Istithmar ?

It all must have been most unsettling,

Still happy bunnies all ??

[oscarlimatango]

for all i know from an insider...they have sold their Lineage 1000 to some sheikh in AUH and are willing to let go of the new delivery of their 1000 for cheap.... and they are also looking for buyers for their AOC! so yeah things are not looking that good out there!

[onhmss]

thanks for the update, doesn't look good then............

[Pilotmo]

I had a drink with one of the Istithmar crews last week and it appears that all is not well in the sand box.
Most of the top management have jumped ship, resulting in suspended AOC etc, due to no post holders, they also have been told that anyone else who leaves will be taken to court and sued if they work as Pilots anywhere in the world.
Apparently Istithmar used to be called Nakheel which has a number of interesting threads, which give a very bad image, so changing the name did not work.
Any one have any more info on this.
Sounds like Istithmar World Aviation in going down fast, like so many others in the middle east.

[Vertigo_FDS]

I am sure the IWA crew that had a drink with you last week, really wanted you to post on here... I'll be sure to state in all future beer-talks that I don't want to see it reflected in any online-forum.

Also heard that CEO and some other management have left and postholders are scarce, but I know that their AOC has not been suspended.

Please feel free to share your knowledge on the 'so many others' that are 'going down fast'.

[onhmss]

So info exchanged over a beer has to be vetted before posting ? Interesting idea, but where would we be without those contributions so gleaned ?

" I'll be sure to state in all future beer-talks that I don't want to see it reflected in any online-forum. " I'm sure we're all suitably chastised and stand in awe at your statement.

It's when postholders leave a supposedly good organisation and move along the coast to Abu Dhabi and work for that prestigious operation at bateen that should cause concern ! IMHO !

[S.F.L.Y]

Prestigious ?

[onhmss]

A good and fair question Sir !

[Pilotmo]

Information discussed between fellow pilots over a beer or otherwise is generally a good source of fact, but only a source which is why I asked the question.
I have since spoken with the previously referred to Pilots and they do not object to me inquiring further, purely to find the facts which may or may not act as a caution to potential employees, the pilots concerned are actively looking to depart Istithmar ASAP and they are concerned for who ever replaces them.

There is lots of talk about Istithmar which is hard to believe, but there is no smoke without fire.
Very Recent examples which I have heard and obtained permission to repeat from the individuals conceded who were not completely inebriated at the time include
The CEO is the ex manager of ground operations and is described as a clueless child.
The temporary suspension of their AOC.
Engineers jumping an a flight home as soon as they received their pay and not coming back to avoid the Vindictive threats of the Child King.
Aircraft moving to the Prestigious company down the coast, which has a number of interesting negative posts against it, but if it is so bad why would the post holders jump ship to join it, and why would Istithmar Aircraft now follow the same route?
Very bizarre!
.
But this company did have a good reputation and the staff were apparently happy so what could have happened that would cause a reported good company to go down so fast?
But is it true?
We all know that there are differences between the various Aviation Authorities, but I can not believe the GCAA would allow this which is why I question the information.

[laurenceof]

I thought this company had decent postholders able to do the job well.

What happened ?

[onhmss]

How is the child king/clueless child coping ?

Is he still in charge or is the current d/o up for a bloodless coup ?

[Geebz]

I have a friend there. Haven't talked to him in a while. Are they flying much these days?

How can they pursue a pilot no matter where he is in the world? Who has the time for that???

[functionisthestyle]

I read an article in Eco Times last week that said Istithmarworld is hurting and that it's $25 billion soverign wealth fund may be closed down. But their spokesperson countered the content of the article saying they're doing fine.

TIFWIW

Heres the article:

UAE. Istithmar World, a Dubai government-owned investment company, is freezing investments as part of a restructuring effort after spending more than US$25 billion this decade reported Bloomberg citing people familiar with the plan.
The restructuring process may result in a sale of the fund or its assets, they said.
Istithmar, run by David Jackson, said this week that co-chief investment officers John Amato and Felix Herlihy would leave the firm. Jackson’s job is under review, the people told the news agency.
“They need to decide whether to keep Istithmar as a sovereign wealth fund or to clip its wings, roll it up and have it cease to exist independently,” Victoria Barbary, a senior analyst at Monitor Group in London told Bloomberg.
“With Dubai World’s broader problems, it would not be surprising if Istithmar was rolled up.”
Winding down Istithmar may help Dubai reduce its debt load, the people said.
“There are no plans to merge IW,” Abdelaziz Al Mazam, head of marketing and public relations at Istithmar World, said in an e-mail to the news agency. “IW is one of Dubai World’s key subsidiaries, actively managing a portfolio of investments worldwide, and will continue to be a key subsidiary into the future.”
Istithmar spent more than US$25 billion on investments this decade, according to the Monitor-FEEM SWF transaction database.
Istithmar is one of the flagship companies of state-owned Dubai World, whose real estate unit Nakheel is reportedly struggling to refinance a US$3.52 billion Islamic bond maturing in December.
Dubai ruler Sheikh Mohammed Bin Rashid Al Maktoum said on Wednesday he is 'not worried' about the emirate's ability to repay at least US$4.52 billion of debt this year, boosting Nakheel's bonds to a year-high.

[EX TERMINATOR]

I have also heard that postholders from IWA are joining PJ in Abu Dhabi.
I do not know the quality of those people, but if they are knowledgeable, experienced and honest, they will very soon discover the management at PJ and clash with it. If they left a childish CEO behind, the best would really be awaiting them. That is where the real clueless children with power are. Unless the new joiners are dishonest and have a hidden agenda that would lengthen their co existnece with the Deebs at their corrupt business.

[NTrdy2MkNyc]

used to work in IWA, another name for that child was Monkey in the Jungle.....