Nakheel plans second sukuk and launches Palm project

Nakheel plans to issue a second Dh1bn ($272.29m) tranche of its sukuk programme before the end of this month. The embattled Dubai property developer issued the delayed first Dh3.8bn tranche, paying a 10% profit rate, to trade creditors in August as part of its five year restructuring plan. The smaller second tranche will be used to settle contractor claims.

  • 12 Apr 2012

Nakheel is in the process of restructuring more than $13bn-equivalent of debt. Since November 2009 it has repaid creditors and contractors around Dh7.6bn ($2bn), along with issuing the sukuk.

Nakheel has also been in talks with banks to arrange financing for new projects. The company aims to deliver 7,000 ...

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