Dubai: The Dubai master-developer has secured refinancing of its existing Dh11 billion exposure and will also pull in an additional Dh6 billion for a new round of projects, including Dubai Islands (which is the reworked Deira Islands).
The refinancing of Dh11 billion was through a syndicate of three banks - Mashreq Bank, Dubai Islamic Bank and Emirates NBD – and demonstrates ‘strong financial foundations and long-term growth prospects of the company’.
It was recently that Nakheel confirmed a new direction it was embarking on projects-wise, with an emphasis on creating lifestyle destinations. The developer recently said that it would use its ownership of waterside land bank to good effect as new property buyers - and particularly the global rich - take ownership in Dubai's property market.
The transactions will further strengthen its financial position, and reflects the confidence of banking institutions in the strategic new focus of the company, according to a Nakheel spokesperson. “Dubai’s real estate sector is recording robust growth, driven by regulatory reforms, such as the issuance of long-term visas, and a buoyant economy supported by the robust growth of retail, leisure and hospitality," the spokesperson added.
"As Dubai’s pioneering master-developer with high-performing assets in these core economic sectors, we are entering a new phase of growth placing our customers at the heart of everything we do. This new era of Nakheel will be defined by our commitment to developing exceptional communities, enhancing customer-oriented services, and delivering value across all touch points.”
Other developers in UAE have been refinancing or taking out new debt, including Sharjah's Arada and Union Properties in Dubai.
