Nakheel to make profit payment soon

Dubai: Real estate developer Nakheel says that it will pay the profit payment due on its sukuk to creditors this week.

"Nakheel is pleased to confirm that the profit payment of 10 per cent due on December 15, on the Trade Creditor Sukuk issued in late August, will be paid on time," the company said in a statement yesterday.

Necessary arrangements have been made to enable Deutsche Bank, the registrar and agent for sukuk, to make the payment, the firm said.

Nakheel issued the first tranche under its Dh4.8 billion sukuk to trade creditors in August after the property developer announced that it had completed its Dh59 billion debt restructuring plan.

— With inputs from Dow Jones