Nakheel to pay off bank debt ahead of schedule
[DUBAI] Nakheel, the real estate giant at the heart of Dubai's financial crisis, said yesterday it will pay off all its bank debt of 7.9 billion dirhams (S$2.67 billion) ahead of schedule.
"Our payment is covering up to the last instalment (scheduled for) 2018," Nakheel chairman Ali Rashid Lootah told reporters.
The full amount would be paid in August despite an earlier pledge to settle only US$1.65 billion this summer. The government-related entity, which built Dubai's palm-shaped island and a cluster of isles in the form of a world map, is to meet its obligations from its own revenues.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Miami office tower goes up for sale for more than US$500 million
WeWork cuts new restructuring deal that spurns Adam Neumann
Abu Dhabi builder plans US$6.8 billion luxury housing project
JTC to sell hospitality project being built in Punggol Digital District
Mapletree Logistics Trust posts 2.5% drop in Q4 DPU; manager warns of further headwinds
Abu Dhabi developer Aldar posts 88% in Q1 leap