Nakheel mulls sukuk refi amid analyst concern
Dubai property developer Nakheel may look to refinance its sukuk borrowings this year, the firm said on Wednesday as it reported growing 2012 profits, but one analyst slapped a “sell rating” on the sukuk and said that investors are incorrectly pricing default risk.
Profit at Nakheel reached Dh2.02bn ($549.15m) in 2012, up 57% on 2011, while revenues in 2012 were up 91% to Dh7.8bn.
The company would not have any problems refinancing and had been approached by banks about it, said chairman Ali Lootah.
He added, however, that Nakheel wants to build
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