Nakheel to pay off bank debts ahead of plan

Top Stories

Nakheel to pay off bank debts ahead of plan

The full amount would be paid in August despite an earlier pledge to only settle $1.65 billion this summer.

By (AFP)

  • Follow us on
  • google-news
  • whatsapp
  • telegram

Published: Wed 25 Jun 2014, 3:51 PM

Last updated: Tue 7 Apr 2015, 10:28 PM

Nakheel said on Wednesday it will pay off all its bank debt of Dh 7.9 billion ahead of schedule.

“Our payment is covering up to the last instalment (scheduled for) 2018,” Nakheel chairman Ali Rashid Lootah told reporters.

The full amount would be paid in August despite an earlier pledge to only settle $1.65 billion this summer.

“All this cash is generated from Nakheel’s own income, not from the support fund of the government,” said Lootah.


More news from