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Nakheel starts paying, resumes projects soon

Dubai World's property arm tells local newspaper projects are set to restart within weeks.


June 6, 2010 3:31 by

UAE property developer Nakheel – owned by Dubai World – has started paying creditors owed less than AED 500,000, reports

The company is also set to restart short term projects in the coming weeks. The website is quoting local Arabic daily Al Bayan.

“Nakheel has already begun to pay claims by contractors that carry a value each of less than five hundred thousand dirhams,” a spokesperson told Al Bayan in an e-mailed response to questions. The spokesperson did not give a total value or number of claims under AED500,000. “Construction will resume on all short-term projects that were delayed to restructure the company,” and work could start in a few weeks, the spokeperson said.


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