Dubai: Nakheel, the Dubai government-owned property developer, is repaying its entire Dh7.9 billion bank debt almost four years ahead of schedule, the company said in a statement on Wednesday.

The final instalment on the debt is due in March 2018 but in June the developer said it would clear its bank debts by late August. Nakheel will pay Dh5.54 billion to 31 banks, made up of 10 from the UAE and 21 from overseas, on Thursday.

A total of Dh3.45 billion will go to local banks, with state owned Emirates NBD and Dubai Islamic Bank the largest receivers, and the remaining Dh2.09 billion to be paid to international banks.

In Wednesday’s statement, Nakheel also said that it will make an interest payment of Dh129 million covering the six months from February 27 to August 28.

In February, Nakheel made a Dh2.35 billion payment on its bank debt 18 months ahead of the September 2015 maturity date.

In July, Nakheel announced a 54 per cent surge in half net profits, with the developer reaping in Dh1.85 billion.

Nakheel is due to make payments on a Dh4.4 billion trade creditor sukuk in August 2016.

In 2011, Nakheel’s ownership was transferred from state-owned holding company Dubai World to the Government of Dubai following a restructuring period.