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Nakheel pays additional Dh206m to creditors

(Staff Report)
Filed on February 27, 2013

DUBAI The real estate developer Nakheel on Tuesday announced that it paid an additional Dh206 million to its creditors as part of its debt restructuring.

“The funds, due to be paid at the end of February 2013 in accordance with the developer’s financial restructuring commitments, bring the total loan interest and trade creditor sukuk profit paid to Dh923 million since restructuring,” Nakheel said in a statement.

“We remain focused on meeting our restructuring commitments to stakeholders, while continuing to work towards achieving our corporate objective of creating a long term, sustainable business that contributes to growth of Dubai’s real estate sector – and to the overall economy of Dubai and the UAE,” A Nakheel spokesman said. Last month, Nakheel chairman Ali Rashid Lootah the developer would have no difficulties in repaying a $1.1 billion Islamic bond and about $2 billion of bank debt maturing in 2016 with its own resources. The Dubai developer agreed a $16 billion debt restructuring deal in 2011.

The company is in a good financial position and has about $600 million of cash on its balance sheet, according to Lootah. Nakheel reported a 57 per cent rise in its annual profit for 2012 and 91 per cent increase in revenues.

Nakheel has awarded construction contracts worth more than Dh1.4 billion for new projects, including Dragon Mart Phase 2 and Palma Residences, last year.


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