FINANCIAL NEWS

UAE’s Nakheel to issue 2nd tranche of USD1.30b sukuk

13 Apr 2012

(MENAFN) Nakheel’s chairman, Ali Rashid Lootah, said that by the end of the month, the developer would issue its second tranche of USD1.30 billion sukuk, reported Khaleej Times.

Lootah added that the sukuk is part of the firm’s USD16 billion debt restructuring deal, which repays banks 40 percent in cash, and the rest through the Islamic bond.

He also said that under the restructuring plan, the Dubai-based company is to develop 8,252 units across several developments in the emirate, of which 3,549 units has been completed.

It is worth noting that in the last week of August, Nakheel issued the first tranche of the 5-year sukuk worth USD1 billion to its trade creditors, with a profit rate of 10 percent.

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