20 May 2010
(MENAFN) Arabtec, UAE’s largest builder by market value, announced that it has signed on to Nakheel’s debt repayment offer and encouraged other firms to follow its league, Reuters reported.
Arabtec’s Chief Executive, Riad Kamal, said that the firm has concluded the deal, urging others to sign, saying that this is a good deal.
Last month, Arabtec said that it had accepted the debt offer, part of a $9.5 billion rescue plan for state-owned conglomerate Dubai World unveiled in March.
Nakheel, the developer of man-made islands in the shape of palms, is still shy of the 65 percent approval it needs to start releasing cash to its creditors. It has repaid a $980 million Sukuk on schedule as talks continue between its parent company and lenders to restructure $24.8 billion in debt.
13 Aug 2025
BBK’s BD 5,000,000 Al Hayrat scheme awards BD 680,000 to 390 Al Hayrat winners in August and September
04 Aug 2025
HM the King’s Support for Youth is an Inspirational Model for Their Empowerment Journey
28 Jul 2025
BBK discloses its financial results for the half year ended 30th June 2025
20 Jul 2025
CBB approves the transfer of the retail banking operations of HSBC Bank Middle East, Bahrain Branch to BBK
08 Jul 2025
BBK proudly launches the third edition of “Grow” and welcomes 20 Bahraini graduates
03 Jul 2025
BBK hosts executive leadership session on digital assets in collaboration with Rain
02 Jul 2025
BBK launches the largest-ever Al Hayrat Prizes, offering BD 5 million to over 2,000 winners
16 Jun 2025
BBK and CrediMax Offer Exclusive 20% Discount on Turkish Airlines Flights for Cardholders
This website uses cookies to ensure you get the best experience and by clicking “I Accept” below, you consent to the use of cookies. Learn more