Nakheel gets DFSF support to pay $980 million sukuk
Dubai Financial Support Fund provides money for the full payment of Islamic bond issued by the troubled developer.
May 11, 2010 4:43 by Ben Flanagan
Nakheel, a property developer unit of the troubled Dubai World conglomerate, has received financial assistance from the Dubai Financial Support Fund (DFSF) to pay back an Islamic bond due to mature on May 13.
The DFSF assistance will allow Nakheel to pay back the sukuk – or Islamic bond – in full, according to a report by Bloomberg.
The bond closed at 97.5 fils to the dirham, the report added.