Dubai's Nakheel repays $639m of bank debt

Nakheel, the builder of a palm tree-shaped island off Dubai’s coast, was the most high-profile casualty of the Gulf state’s property market collapse in 2009. (File photo: Shutterstock)

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.


Last Update: Wednesday, 20 May 2020 KSA 09:41 - GMT 06:41