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Dubai’s Nakheel pays USD57m debt due in Aug-end

30 Aug 2012

(MENAFN) Dubai-based developer Nakheel has repaid USD57.4 million, due at the end of this month, as part of its debt restructuring programme, Arabian Business reported.

Nakheel, whose extravagant developments at the peak of Dubai’s property boom contributed to the emirate’s debt woes, has been slowly recovering from a hard hit from 2008 property collapse.

The company has repaid about USD2.34 billion to trade creditors so far, as part of a USD16 billion debt restructuring plan agreed last year.

Last month, Nakheel reported 36 percent increase in profits during the first half of 2012, driven by property deliveries in several projects.

Nakheel’s parent Dubai World sold it to Dubai government as part of the restructuring of its debts.

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