Istithmar launches Istithmar Leisure

Dubai's leading investment house also announced the appointment of David Spencer as Chief Executive Officer of Istithmar Leisure.

Operating under the real estate umbrella of Istithmar, Istithmar Leisure will manage key leisure investment projects on behalf of Istithmar. The initial portfolio includes Jumeirah Golf Estates, Nakheel Marinas and Island Global Yachting; the company will also manage all beach and recreation clubs in the Nakheel portfolio.

David Jackson, Chief Executive Officer of Istithmar, said:

"Dubai has set the pace for the phenomenal growth of leisure in the region by pioneering integrated leisure development projects. Istithmar is well poised to capitalize on this growth by defining investment strategies for both existing as well as proposed leisure developments that aim at unlocking growth and expansion potential for our leisure investment projects."

As part of Dubai World, the consolidation of Istithmar's and Nakheel's leisure related assets under Istithmar Leisure is in line with the holding company's aim to shape Dubai into the world's leading leisure and lifestyle destination.

As its CEO, David Spencer will provide strategic direction and lead the growth of Istithmar Leisure. Spencer has been given specific charge of constructing dynamic teams to ensure that the leisure products - both recreational and residential - meet the expectations of all residents and visitors to Dubai.

David Spencer said: "Istithmar Leisure will play a dynamic role in raising the stakes of Dubai in the global leisure industry. With such prestigious projects in its portfolio, Istithmar Leisure will drive the development of the Group's leisure assets, as well as identify high yielding investment options. I am extremely excited with the prospect of leading a talented team and I look forward to achieving the company's ambitious target."

David Jackson added: "David Spencer's extensive knowledge and expertise will enable Istithmar Leisure to strengthen its portfolio of investments and maximize returns to stakeholders. On behalf of the management, I am pleased to welcome David Spencer as CEO of Istithmar Leisure."

Prior to joining Istithmar Leisure, Spencer was Director of Marketing and Brand Management of Nakheel, playing a pivotal role in restructuring and rationalizing its marketing strategies. Spencer joined Nakheel in September 2004 as Director of Nakheel Golf to spearhead the company's foray into golf industry, with the launch of Jumeirah Golf Estates.

Spencer brings with him two decades of experience in marketing and brand building. In addition, Spencer was an integral part of the development of The Montgomerie at Emirates Hills and The Desert Course at Arabian Ranches.

Prior to his association with projects in Dubai, Spencer was Area Managing Director of Troon Golf in Australia. Acknowledged for his immense expertise in developing and promoting golf courses, all of Spencer's projects are rated among the top 50 golf courses in Australia.