Dubai’s Nakheel to pay back its bank debt

26 Jun 2014

(MENAFN) Nakheel, the real estate giant at the heart of Dubai’s financial crisis, plans to repay all its bank debt of USD2.15 billion ahead of schedule, according to Arab News.

Nakheel Chairman Ali Rashid Lootah said: “Our payment is covering up to the last instalment (scheduled for) 2018.”

The full amount would be paid in August despite an earlier pledge to only settle USD449 billion this summer.

Lootah added: “All this cash is generated from Nakheel’s own income, not from the support fund of the government.”

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