Business | Investment
Nakheel is unlikely to sell shares to public
Nakheel, the Dubai-owned developer of the world's biggest man-made islands, is unlikely to sell shares to the public as sister company DP World did last year, Nakheel's chairman said.
- Bloomberg
- Published: 23:33 January 26, 2008
Davos: Nakheel, the Dubai-owned developer of the world's biggest man-made islands, is unlikely to sell shares to the public as sister company DP World did last year, Nakheel's chairman said.
"We are continually able to fund our operations and there's no pressure to IPO," Sultan Bin Sulayem said yesterday in an interview at the World Economic Forum in Davos, Switzerland. "I'm not keen" on a share sale, he said.
Nakheel, which is spending $30 billion on projects including islands in the shape of a world map off Dubai's coastline, is a member of the state-owned Dubai World group alongside port operator DP World.
DP World in November raised $4.96 billion by selling 23 per cent of its equity to international investors in the Middle East's biggest share sale.
Nakheel in November 2006 sold $3.52 billion of Islamic bonds maturing in December 2009 that give holders the right to buy shares in any Nakheel companies should there be an IPO before the securities mature. If there are no share sales, additional payments will be made on redemption.
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