Dubai World has appointed Istithmar World chief investment officer Andy Watson to the position of acting CEO, Istithmar World.

Andy Watson replaces private equity investment specialist David Jackson who has resigned as CEO to pursue other opportunities.

Andy Watson has an extensive background within the Dubai World group and was previously a director with Barclays Capital, the investment banking division of Barclays Bank group.

Dubai World chief restructuring officer, Aidan Birkett, said: "We are pleased that Andy is stepping in as acting CEO of Istithmar World. His experience will be vital in actively managing the portfolio of assets held by Istithmar World.”

"We thank David for his work with the company. Under his leadership, Istithmar World expanded rapidly as a private equity investment house during the years before the economic crisis hit.  Today, Istithmar World is focused on the steady-state management of existing assets to maximise value rather than on private equity investment. We wish David every success in his career,” Birkett added.

Andy Watson takes up his new role with immediate effect. – Reuters