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

UAE- Nakheel to repay Dh4 billion debt ahead of schedule  Join our daily free Newsletter

MENAFN - Khaleej Times - 05/01/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) Property developer Nakheel has planned to repay Dh4 billion of bank debt ahead of schedule this year amid strong recovery in Dubai property market.

The company is repaying Dh2.35 billion debt by the end of next month and the remaining amount will be paid later in the year, according to Nakheel chairman Ali Rashid Lootah.

"The early repayment, which was due in 2015, is a major milestone in the company's history and reflects the strength of the local real estate market on significantly improved economic conditions in the UAE and the growing trust and confidence among investors in Dubai and Nakheel. The payment will come from our own resources as we have enough cash to repay debt," Lootah said at a news conference in Dubai on Saturday.

Responding to a question, he said that the company has more than Dh4 billion cash. "We have generated a lot of fresh cash by launching new projects and cutting the cost of construction," the chairman said. The company has generated about Dh22 billion more than it had expected since signing the 2011 turnaround plan, he added.

Nakheel has Dh6.8 billion of debt due in August 2015, Dh200 million in March 2016 and a further Dh900 million due in 2018, Lootah said, adding that the company is planning to repay Dh3 billion in 2015 and Dh4.5 billion in 2016.

The company will also have no problem in repaying a 1.2 billion sukuk, which the developer issued to trade creditors as part of its restructuring plan due in 2016, the chairman said.

"In 2011, Nakheel pledged to construct and deliver some 9,000 units over a five-year period across a number of projects that had been stalled during the global financial crisis. We rose to this challenge and, thanks to the support of the Government of Dubai, Nakheel customers and other stakeholders have been able to achieve this remarkable milestone," the chairman said.

Nakheel not only worked diligently to deliver its revised business plan, but also launched new development projects to revive its core business activity of property development. By the end of 2013, Nakheel had more than 3,500 units with an estimated current sale value of Dh10 billion in the development pipeline across various developments. The first handovers are due in 2014.

 


Khaleej Times




  MENA News Headlines
 Sep 17 2014 - Kuwait Stock Exchange Closes on Green NoteQatar News Agency
(MENAFN - QNA) Main indices of the Kuwait Stock Exchange ended trading Wednesday in the green zone with the weighted, the price, and the KSX 15 indices up by 1.39, 14.07, and 5.63 points ...

 Sep 17 2014 - HE Assistant FM Receives Copy of Vietnamese Ambassador's CredentialsQatar News Agency
(MENAFN - QNA) HE Assistant Foreign Minister for Foreign Affairs Mohammed bin Abdullah Al Rumaihi on Wednesday received a copy of the credentials of Nguyen Hoang as ambassador of the Socialist ...

 Sep 17 2014 - HE Prime Minister Meets Chubu Electric Power ChairmanQatar News Agency
(MENAFN - QNA) HE Prime Minister and Interior Minister Sheikh Abdullah bin Nasser bin Khalifa Al-Thani on Wednesday met with Toshio Mita, chairman of Chubu Electric Power company on the occasion of ...

 Sep 17 2014 - Italian President Receives Message from Kuwait's EmirQatar News Agency
(MENAFN - QNA) Italian President Giorgio Napolitano received a message from Emir of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah pertaining to bilateral relations between the two ...

 Sep 17 2014 - US Vice President Ukrainian Prime Minister Discuss Minsk AgreementQatar News Agency
(MENAFN - Qatar News Agency) Moscow September 17 (QNA) - Russia and eastern Ukrainian independence fighters should fully observe provisions of the Minsk ceasefire agreement US Vice President Joe ...

 Sep 17 2014 - HE Minister of Culture Arts and Heritage Meets US AmbassadorQatar News Agency
(MENAFN - Qatar News Agency) Doha September 15 (QNA) - HE the Minister of Culture Arts and Heritage Dr. Hamad bin Abdulaziz Al Kuwari met here Monday with HE US Ambassador to Qatar Dana Shell Smith. ...

 Sep 17 2014 - 52 Taliban Militants Killed During CounterTerrorism OperationsQatar News Agency
(MENAFN - Qatar News Agency) Kabul September 15 (QNA) - At least 52 Taliban militants were killed following joint clearing operations by Afghan national security forces in various provinces of the ...

 Sep 17 2014 - One Policeman Killed Two Injured in Pakistan's militant attackQatar News Agency
(MENAFN - Qatar News Agency) Islamabad September 15 (QNA) - A policeman was killed and two others sustained injuries when unknown militants launched an attack on Tal Police Station on Monday morning. ...

 Sep 17 2014 - US Drone Strike Kills Seven on PakAfghan BorderQatar News Agency
(MENAFN - Qatar News Agency) Islamabad September 14 (QNA) - Seven suspected militants including two key commanders of Badr Mansoor group have been killed in a US drone strike according to Pakistan ...

 Sep 17 2014 - ISIS United Iraq Country's Deputy Prime Minister SaysQatar News Agency
(MENAFN - Qatar News Agency) Baghdad September 14 (QNA) - Iraq's Deputy Prime Minister Hoshyar Zebari said Sunday that ISIS organization has united the country rather than divide it. He said that ...

more...


 






Google

 
 

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