Dubai: Dubai property developer Nakheel is back in business with new construction contracts to be announced soon — nearly three years after it encountered the worst financial crisis in living memory.
It plans to deliver 7,982 homes in nine developments across Dubai in the 12 months ending December 2012.
Nakheel chairman Ali Rashid Lootah yesterday announced a Dh4.8 billion sukuk to its trade creditors to be listed on Nasdaq Dubai today, that will virtually close its debt restructuring process. "It has been a tough 18 months — a period in which we have managed to successfully restructure our debts and the company," he told reporters.
"The completion of the final restructuring ends a chapter for Nakheel and we look forward to delivering our commitments towards our trade creditors and investors."
The company offered trade creditors repayment of 40 per cent cash and the remaining 60 per cent in the form of an Islamic bond, or sukuk as part of its restructuring programme.
He said the company had not sold any of its assets.
Nakheel developed some of Dubai's iconic projects including the Palm Jumeirah and the World Islands that recreates the globe in the form of 300 islands — 70 per cent of which are sold to investors.
