Nakheel has repaid a Dh4.4 billion Islamic bond as the developer emerges from a five-year financial restructuring.
The company behind Dubais palm-shaped islands said the final trade creditor sukuk payment this week marked the end of a process that began in August 2011.
It represents a major milestone for a developer often associated with both the highs and lows of the emirates turbulent property market.
“Officially as of today we have no debt,” Ali Rashid Lootah, the chairman of Nakheel, said in Dubai.
The repayment of the sukuk effectively paves the way for the developer to raise more bank borrowings to fund a massive construction programme across the emirate.
“We will be going to the market,” said Mr Lootah. “Banks are very much inte…
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