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Nakheel hopes to agree deal next week

Top official says agreement with lenders is close.


July 6, 2010 9:12 by

Property developer Nakheel says it is likely to reach agreement with lenders next week, reports Khaleej Times.

Nakheel Chairman Ali Rashid Lootah told the paper, ““We are meeting with bankers on July 14 and hopefully they will sign the contract.”

A week ago the company confirmed it would complete a 40 percent cash payment to its 1,000 biggest trade creditors before mid July. Between March and July the developer has also made payments to trade creditors owed less than AED 500,000.

Lootah took over the reins at Nakheel in March when the government revamped the board at the property giant, say Khaleej Times.

On Sunday, Kipp reported that Nakheel had been handed control of sister company Limitless by parent company Dubai World.


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