The National’s Ivan Gale says Istithmar World Aviation Executive Jets, a Dubai World subsidiary, has shut down due to “commercial reasons”. The shutdown occurred a month after Dubai World announced major debt restructuring. Istithmar World Aviation (minus the executive jet operations) will continue to stay in business with stakes in aviation investments:
“Although it has shut its executive jets management business, Istithmar World Aviation’s other investments include stakes in Dubai Aerospace Enterprise, an aviation investment firm whose holdings include aviation engineering and maintenance firms in the US, and Daallo Airlines, a carrier based in Dubai and serving Djibouti, Kenya, Ethiopia and Somalia.”
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