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.
27 Jan 2025
BBK offers customers with exclusive Tas’heel and Mazaya Finance to own their dream home
15 Jan 2025
BBK Signs Strategic Partnership with Bahrain Airport Company to Develop “Express Cargo Village”
08 Jan 2025
Bank of Bahrain and Kuwait and Global Payment Services Deliver the First Advanced Fraud Prevention Solution for Wallet Provisioning in the Kingdom of Bahrain
26 Dec 2024
BBK proudly supports “Celebrate Bahrain” as a gold sponsor in cooperation with BTEA
17 Nov 2024
BBK and Asia Jewellers announce exclusive offers to its customers at Jewellery Arabia 2024
12 Nov 2024
BBK partners with Durrat Al Bahrain to offer exclusive financing for Jawhart Al Marjan
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