Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

UAE- Nakheel makes Dh218 million sukuk profit payment  Join our daily free Newsletter

MENAFN - Khaleej Times - 14/12/2013
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) "Instructions have been sent to Deutsche Bank, the registrar and paying agent for the sukuk, to make the profit payment to all sukuk holders on the due date of December 15, 2013 against the sukuk issued amount of Dh4.4 billion to date," the developer said in a statement. Nakheel, which was taken over by the Dubai government in 2011, following a restructuring, has issued Dh4.3 billion in sukuk to date.

In June, it made a profit payment of Dh210 million against its trade creditor sukuk as it started not only to revive several of its stalled projects but also announced the launch of new projects on the back of steady recovery seen on the property sector.

"We continue to honour our financial commitments and to implement our revised business plan, further helping the recovery of the real estate sector in Dubai. In turn, investor and contractor trust in Nakheel continues to grow," said the developer which is seeking to refinance its Dh8 billion debt maturing in 2015.

Nakheel, which recorded nine-month profit of Surge of 58 per cent, has already repaid around Dh12 billion to trade creditors and almost Dh1.5 billion to creditors in the form of loan interest and sukuk profit payments since August 2011.

The developer, which is on course to deliver an estimated 3,000 units in 2013, made a net profit of Dh1.77 billion in the first nine months of 2013 as revenues surged 50 per cent to Dh6.83 billion, compared to revenues of Dh4.54 billion in the same 2012 period, the company said in a statement.

"The strong results reflect continuing growth and strengthening of the real estate market in Dubai, and the on-going support of the Government of Dubai and commitment by Nakheel to delivering the post-restructuring plan," said the developer, which was taken over by the government as part of a 16 billion restructuring plan in 2011.

Nakheel has delivered around 6,700 properties (including around 2,200 in 2013 alone) since completing its restructuring in August 2011. The majority of handovers took place in residential developments in Palm Jumeirah, Al Furjan, International City, Jumeirah Village, Jumeirah Park and Jumeirah Heights.

The developer, which has a been behind some of the iconic developments in Dubai including the Palm Jumeirah and The World Islands, recently announced a plan to relaunch Palm Deira project after renaming it as Deira Island.

Nakheel Chairman Ali Rashid Lootah said Deira Island would have about 1,400 retail units and restaurants including a night market, plus a 250-room hotel, a 30,000 capacity amphitheatre and other attractions.

The developer has also announced the relaunch of Al Furjan residential villa community. Nakheel has also awarded contracts worth Dhs174 million for the construction of two new beachfront projects on Palm Jumeirah.

 






  MENA News Headlines
 Aug 1 2014 - India hires masked monkey men to combat macaque menaceKhaleej Times
(MENAFN - Khaleej Times) E very talented group of men has taken to wearing monkey masks imitating their whoops and barks and hiding behind trees to ward off the aggressive animals.India has hired a ...

 Aug 1 2014 - Isolated indigenous make contact with outside world in BrazilKhaleej Times
(MENAFN - Khaleej Times) Azilian experts said the indigenous people likely crossed the border from Peru facing pressure from illegal logging and drug trafficking at home.Isolated native people ...

 Aug 1 2014 - Hopes dim for India landslide survivorsKhaleej Times
(MENAFN - Khaleej Times) Out 160 people were thought to have been living in the dozens of damaged houses.Women mourn a victim of the landslide in Malin village of Pune district in western Maharashtra ...

 Aug 1 2014 - Indian nurses stuck in Libya to be shifted from todayKhaleej Times
(MENAFN - Khaleej Times) Acuation of Indians from the strife-torn Libya will begin on Friday with the first batch of 36 nurses from the southern state of Kerala moving to Tunisia in the morning on ...

 Aug 1 2014 - General Suhag takes over as the new India army chiefKhaleej Times
(MENAFN - Khaleej Times) Neral Dalbir Singh Suhag on Thursday took over as the new chief of the 1.General Suhag assumed charge after his predecessor handed over to him the Chief of Army Staff baton ...

 Aug 1 2014 - European Union formally adopts Russia sanctionsKhaleej Times
(MENAFN - Khaleej Times) E new measures finally agreed earlier this week after months of hesitation target Russias banking defence and energy sectors.The European Union formally adopted broad ...

 Aug 1 2014 - Train hits bus with bridal party in Bangladesh 10 killedKhaleej Times
(MENAFN - Khaleej Times) Lice said the accident occurred at an unguarded railway crossing allowing cars and buses to move freely across the track during the early hours of Friday.A train smashed into ...

 Aug 1 2014 - Gas blasts kill 24 injure 271 in TaiwanKhaleej Times
(MENAFN - Khaleej Times) E explosions believed to have been triggered by gas leaking from underground pipelines were powerful enough to upturn cars and tear open paved roads.Vehicles are left lying ...

 Aug 1 2014 - Friends CC GM score easy victories to enter Al Faraa T20 semisKhaleej Times
(MENAFN - Khaleej Times) The quarter-final matches Friends CC defeated Emistate by four wickets while GM CC coasted to a six-wicket victory over X Eleven.Friends CC defeated Emistate. — ...

 Aug 1 2014 - Romelu Lukaku lost focus as was not first choice says MourinhoKhaleej Times
(MENAFN - Khaleej Times) Joined Chelsea from Anderlecht for 18 million in 2011 but failed to make an impact at Stamford Bridge and spent the 2012-13 season on loan at West Bromwich Albion.Jose ...

more...


 






Google

Live Currency Rates

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help