Quotes: 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
 Dec 22 2014 - Oil markets face uncertain future as OPEC targets competitorsAFP
(MENAFN - AFP) The determination of powerful Gulf OPEC members to stifle competition from new oil producers has left the global energy market reeling and sparked unprecedented uncertainty, officials ...

 Dec 22 2014 - MoI discusses setting up national strategic plan to fight drugsEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM))  The Ministry of Interior, MoI, has discussed ways to establish the first national strategic plan to combat drugs. The discussion took place during a specialised ...

 Dec 22 2014 - GCC Secretary-General hails initiative of Saudi King on Qatar, Egypt reconciliationEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM))  Dr. Abdullatif bin Rashid Al Zayani, GCC Secretary-General, expressed satisfaction with the initiative of the Custodian of the Two Holy Mosques, King Abdullah ...

 Dec 22 2014 - Etihad Airways goes double daily to MelbourneEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM))  Etihad Airways today announced plans for a second daily non-stop service between Abu Dhabi and Melbourne from 1st August 2015.The additional flight will be ...

 Dec 22 2014 - Dubai Municipality launches recycling initiative at Safa ParkEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM))  Dubai Municipality has launched an initiative to encourage Safa Park visitors to exchange their recyclables, such as plastic and cans, in exchange for Union ...

 Dec 22 2014 - Ducab Aluminium begins construction of new facility in KizadEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM))  Abu Dhabi Ports Company, ADPC, has announced that Ducab Aluminium Company has broken ground for its new aluminium rod and conductor facility at Kizad.After ...

 Dec 22 2014 - Kuwaiti Emiri Diwan mourns death of Sheikha Sabah Al-Nasser Al-SabahEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM))  The Kuwaiti Emiri Diwan today mourned the death of Sheikha Sabah Al-Nasser Al-Sabah, spouse of His Highness Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah.According ...

 Dec 22 2014 - OPEC daily basket price Friday 19th DecemberEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM))  The price of OPEC's basket of twelve crudes stood at US$55.52 a barrel on Friday, compared with $56.30 the previous day, according to OPEC Secretariat ...

 Dec 22 2014 - World Islamic Travel Summit to debut in Abu DhabiEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM))  The World Islamic Travel Summit, WITS15, the largest showcase of Halal travel and tourism solutions, is to debut in Abu Dhabi next October.The pioneering ...

 Dec 22 2014 - DEWA sponsors first Emirati student to Lima Climate Change Conference in PeruEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM))  Bader Al Hammadi, an Emirati student and Carbon Ambassadors Programme member, has participated in the United Nations COP20 Climate Change conference in Lima, ...

more...


 






Google

Click to Apply

 
 

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

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

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
Economic Calendar
Financial Glossary


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


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help