Early repayments for Dubai development

Last updated 07:34 06/01/2014
Dubai - landscape
House of Travel

PAYBACK: The developers of Dubai's palm-shaped islands plan to make early repayments.

Relevant offers

World

Leonardo DiCaprio meets with Donald Trump to talk environment Lingerie shop staff stalked, bullied at Australia's Honey Birdette: ex-workers Vinyl record sales overtake digital music in UK News Corp's Rupert Murdoch cleared to buy Australian APN newspapers Michael Jordan scores victory in legal battle for chinese name 'This is going to be a thing we laugh at one day': Sydney man's house mistakenly demolished, neighbour's house still standing Trump chooses former WWE exec McMahon for small business SpaceX delays launch to January after fireball grounding One of this year's most popular Christmas gifts may surprise you Robo-retail: Amazon's checkout-free move sounds warning on jobs

The indebted builder of Dubai's palm-shaped islands says it plans to make early debt repayments of 4 billion dirhams, or NZ$1.3b, this year.

Nakheel said in a statement Sunday that strong real estate growth and improved economic conditions in Dubai boosted its finances.

The company says it plans to pay another 3 billion dirham in 2015 when the original first instalment of 6.8 billion dirham was due.

The company owes US$2.15b (NZ$2.6b) in bank debt and promises to repay trade creditors US$1.23b in Islamic bonds that mature in 2016.

Nakheel's credit problems were a key trigger of Dubai's 2009 financial crisis, which prompted multibillion-dollar bailouts by the Abu Dhabi-based federal government.

Ad Feedback

- AP

Special offers

Featured Promotions

Sponsored Content