Nakheel completes USD16b financial restructuring

25 Aug 2011

(MENAFN) Nakheel’s chairman, Ali Rashid Ahmed Lootah, said that it completed USD16.33 billion financial restructuring and pledged to deliver almost 8,000 homes in the next year, reported The National.

Lootah also said that Nakheel, Dubai’s biggest state-owned developer, is implementing the financial restructuring plan and would issue an Islamic bond to unpaid contractors, the thing that would put the final piece in a puzzle that took 18 months to assemble.

Lootah added that the completion of this financial restructuring is closing an old chapter and looking forward for delivery and meeting the developer’s commitments towards the investors and our trade creditors and also to re-establish the name of Nakheel and put forward new projects.

Lootah stated that Nakheel has been given about USD8.6bn in government injections, below the USD9.2bn total pledged last year.

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