Arabtec approves Nakheel’s debt offer

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.

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