Arab Today, arab today dubai property giant repays debt four years early
Last Updated : GMT 20:57:01
Arab Today, arab today
Arab Today, arab today

Dubai property giant repays debt four years early

Arab Today, arab today

Arab Today, arab today Dubai property giant repays debt four years early

A banner of property giant Nakheel flutters
Dubai - AFP

Nakheel, the real estate giant at the heart of Dubai's financial crisis, confirmed Wednesday that it would repay all of its 7.9 billion dirhams ($2.15 billion) bank debt almost four years ahead of schedule.
The group said it had "issued instructions" for 5.54 billion dirhams to be paid to lenders on Thursday, after a previous payment of 2.35 billion dirhams was made in February.
Nakheel, which built high-profile projects including a palm-shaped island in the Gulf and a cluster of isles in the form of a world map, also said it would pay interest of 129 million dirhams owed.
It will repay 31 banks -- 10 from the UAE and 21 from overseas.
Nakheel's final instalment had been due in March 2018 but in June chairman Ali Rashid Lootah said the entire sum would be paid this summer.
He said then that the cash was being "generated from Nakheel's own income, not from the support fund of the government".
The property behemoth had piled up a large mountain of debt during five years of rapid growth in Dubai's property sector, before the global financial crisis hit the Gulf emirate in 2009.
The company was part of government-linked Dubai World group, which sent jitters in global markets when it signalled in autumn 2009 that it was facing difficulties paying off debts that totalled around $24.9 billion.
The government intervened to rescue the group, bolstered by $20 billion in aid from neighbouring Abu Dhabi.
As part of the restructuring of Nakheel, the government injected $9.5 billion that was converted into equity, separating the company from Dubai World and becoming fully owned by the government.
Nakheel is benefiting from a strong rebound in Dubai, where economic growth has been steady thanks to the trade, transport and tourism sectors after contracting 2.9 percent in 2009.
Last month, Nakheel said its profits surged 54 percent in the first half of 2014 to reach $502.7 million.
In addition to property developments, Nakheel has been involved in retail and hospitality.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today dubai property giant repays debt four years early Arab Today, arab today dubai property giant repays debt four years early

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today dubai property giant repays debt four years early Arab Today, arab today dubai property giant repays debt four years early

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today EasyJet, Lufthansa among seven to bid

GMT 06:49 2017 Tuesday ,17 October

EasyJet, Lufthansa among seven to bid
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Israeli court convicts Palestinians of 2016

GMT 04:39 2017 Tuesday ,17 October

Israeli court convicts Palestinians of 2016
Arab Today, arab today Iran's Facebook shuts down

GMT 23:50 2017 Monday ,16 October

Iran's Facebook shuts down
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today British actress becomes fifth woman

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman
Arab Today, arab today Three killed, 360,000 without power

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Anoshka happy for reactions to her talk show

GMT 12:33 2017 Friday ,13 October

Anoshka happy for reactions to her talk show
Arab Today, arab today India to close colonial-era military farms

GMT 18:49 2017 Monday ,16 October

India to close colonial-era military farms

GMT 10:55 2017 Thursday ,12 October

Safaa Sultan happy for “Love School”

GMT 10:37 2017 Thursday ,12 October

Cara Delevingne accuses Weinstein

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 12:02 2017 Saturday ,14 October

Conservation cutbacks put Brazil's

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 12:25 2017 Saturday ,14 October

Squeeze on UK health gives advanced

GMT 07:02 2017 Sunday ,15 October

German minister sparks uproar

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 03:59 2017 Sunday ,15 October

US mobile carriers Sprint, T-Mobile to merge

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday