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FINANCIAL NEWS
Indebted Nakheel secures $750m funding
30 Dec 2010
(MENAFN) The Dubai Financial Support Fund announced that it had made funds available to troubled property developer, Nakheel, in order to aid it in repaying its $750 million Islamic bond that matures in mid-January 2011, Reuters reported.
Nakheel, which built man-made islands off the coast of Dubai, said with this sukuk payment it would have repaid all previously issued sukuk, and would request the Nasdaq Dubai bourse to delist them.
The emirate’s property sector was hardest hit by the economic recession, with billions of dollars worth of projects put on hold or cancelled while financing for real estate projects all but dried up.
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