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Dubai's Nakheel repays $639m of bank debt

The state-owned company had accumulated 6.8 billion dirhams of bank debts while building ambitious mega-development projects

Published: Updated:

Dubai developer Nakheel said on Sunday it has initiated early repayment of 2.35 billion dirhams ($639.8 million) of bank debts 18 months ahead of maturity in September 2015.

The state-owned company had accumulated 6.8 billion dirhams of bank debts while building ambitious mega-development projects such as the palm tree-shaped island off Dubai's coast.

Nakheel in January said it would repay a portion of its debts ahead of time.

The company was taken over by the government as part of a $16 billion restructuring plan in 2011.