FINANCIAL NEWS

Nakheel to leave Dubai World

05 Jun 2011

(MENAFN) A spokesman of Nakheel said that the ownership of the company would belong to the government by mid 2011, as it would split from Dubai World, its parent company, reported Emirates 24/7.

The spokesperson said that the split would take place once the Nakheel’s debt restructuring is finalized. The company is working on agreements for restructuring debt that totals to USD10.8 billion.

By mid June, Nakheel would conclude around USD1.4 billion of sukuk for contractors and trade creditors.

It is worth noting that Dubai World announced USD25 billion of debt back in 2011, and that Nakheel’s debt accounted for the majority of that debt.

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