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.
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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