Dubai to own Dubai World’s Nakheel, Limitless

07 Jul 2011

(MENAFN) The Government of Dubai signed an agreement to takeover Limitless and Nakheel, two of Dubai’s largest property developers, from Dubai World, a government owned company The National reported.

Dubai will take full financial and operational control over the two developers after the completion of their debt restructuring, Dubai World’s board of directors said in a statement. Last month, Dubai’s government established the Dubai Real Estate Corporation to manage the properties.

Nakheel, the developer behind palm-shaped islands and The World, also announced that banks approved its USD10.9 billion debt restructuring plan, which includes an USD1.6 billion sukuk and payments of USD1.3 billion to trade creditors.

The deal comes after Dubai World’s recent completion of its USD24.9 billion financial restructuring.

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