23 May 2011
(MENAFN) Nakheel’s chairman, Ali Rashid Lootah, said that at the end of June, the company would issue USD1.3 billion Sukuk (Islamic bonds) in order to pay back around sixty percent of its debt as part of general restructuring that would involve its separation from Dubai World (DW), the state owned conglomerate, reported Emirates 24/7.
Lootah added that the sukuk would be issued against guarantees from land owned by the company and they would be issued on time since the company made actions to remove obstacles that would delay the settlement process.
He also said that more than 90 percent of the creditors, mainly contractors, agreed on the company’s debt restructuring plan, and that approval by the remaining lenders would be a matter of time, adding that one of the major property developers in the region was able to lower claims by the contractors from around USD2.7 billion to USD2.1 billion.
It is worth noting that according to Lootah, claims made by the contractors were highly exaggerated, and some of them had agreed to renegotiate claims and payment.
17 Sep 2025
BBK and CrediMax launch exclusive offers for customers in collaboration with The Ritz-Carlton, Bahrain
31 Aug 2025
BBK announces an exceptional 6-month grace period financing campaign for Personal and Car Finance customers
13 Aug 2025
BBK’s BD 5,000,000 Al Hayrat scheme awards BD 680,000 to 390 Al Hayrat winners in August and September
04 Aug 2025
HM the King’s Support for Youth is an Inspirational Model for Their Empowerment Journey
28 Jul 2025
BBK discloses its financial results for the half year ended 30th June 2025
20 Jul 2025
CBB approves the transfer of the retail banking operations of HSBC Bank Middle East, Bahrain Branch to BBK
08 Jul 2025
BBK proudly launches the third edition of “Grow” and welcomes 20 Bahraini graduates
03 Jul 2025
BBK hosts executive leadership session on digital assets in collaboration with Rain
This website uses cookies to ensure you get the best experience and by clicking “I Accept” below, you consent to the use of cookies. Learn more