
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
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.
-
Dubai's Nakheel posts 27% 2013 profit gain
-
Dubai property firm Nakheel to pay $1.1bn debt in 2014
-
Dubai’s Nakheel plans early debt repayments as property rebounds
-
Dubai’s Nakheel to restart scaled-back palm-shaped island
-
Nakheel's profit rise signals confidence in Dubai property
-
Nakheel reports profit rise as Dubai property market recovers