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.

 






  MENA News Headlines
 Jul 25 2014 - Gilas Last Home Stand that never wasArab News
(MENAFN - Arab News) E fiasco that happened on Tuesday night in what was supposed to be the first of two tune-up matches for Gilas Pilipinas against a crack NBA selection certainly left a bad taste ...

 Jul 25 2014 - Indian Tech Mahindra, Saudi Midad Holding sign dealMENAFN
(MENAFN) Indian IT giant Tech Mahindra Ltd has signed a joint venture with Midad Holding to expand its existence in Saudi Arabia, according to Arabian Business.The JV will be called Tech Mahindra ...

 Jul 25 2014 - Kuwait's Jazeera profit falls in H1MENAFN
(MENAFN) Rising fuels costs and forced rerouting of flights due to unrest in the Middle East affected the net profits of Kuwait's Jazeera Airways Group in the first half of 2014, according to Arabian ...

 Jul 25 2014 - Dubai's R&B launches two stores in SaudiMENAFN
(MENAFN) The Dubai-based giant Apparel Group's fashion arm R&B, most recognized for its exciting portfolio of international fashion and accessories brands, plans to open two stores in Dhahran and ...

 Jul 25 2014 - Adam Levine offers Knightley recording dealKhaleej Times
(MENAFN - Khaleej Times) Dam has just started a label called 222 Records and has been trying to persuade Keira to sign a deal with him the source added.Photo: AgenciesKeira Knightley has been ...

 Jul 25 2014 - Beyonce Jay Z started to go their separate waysKhaleej Times
(MENAFN - Khaleej Times) E source also added that the tour will be the last for Jay Z 44 and Beyonce 32 after marriage counsellors failed to help them get their relationship back on track.Photo: ...

 Jul 25 2014 - Casablanca piano up for sale in New York in NovemberKhaleej Times
(MENAFN - Khaleej Times) Lsons character Sam first played the song on the piano for Bogarts character Rick and Bergmans Ilsa when they fell in love in Paris as Nazi troops advanced on the French ...

 Jul 25 2014 - Im very old-fashioned: BhagyashreeKhaleej Times
(MENAFN - Khaleej Times) Ine Pyar Kiyas Bhagyashree indulges in a bit of nostalgia as she talks up her new TV series Supplied photoThe lovely and seemingly ageless Bhagyashree is probably best known ...

 Jul 25 2014 - Daily probiotics may regulate blood pressureKhaleej Times
(MENAFN - Khaleej Times) Ring the study researchers analysed results of nine high-quality studies examining blood pressure and probiotic consumption in 543 adults with normal and elevated blood ...

 Jul 25 2014 - Al-Athr showcases abstract and geometry inspired works of artArab News
(MENAFN - Arab News) Ddah's Al-Athr Gallery is hosting the abstract and geometry inspired work of 40 local and international artists until Oct. 10.The gallery opened its door in 2009 and has already ...

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