Nakheel to get Dubai funding for Jumeirah Golf Estates

Nakheel to get Dubai funding for Jumeirah Golf Estates

Nakheel, the Dubai World property arm that is restructuring $10.9 billion in debt, said on Monday it will get funds from Dubai to complete its Jumeirah Golf Estates project.

June 13, 2011 3:42 by p.deleon

Nakheel, the Dubai World property arm that is restructuring $10.9 billion in debt, said on Monday it will get funds from Dubai to complete its Jumeirah Golf Estates project.
“The government of Dubai has committed to providing significant financial support to Jumeirah Golf Estates …. our contractors have recommenced work at the development,” Nakheel said in a statement. It gave no financial details.
Jumeirah Golf Estates is home to the season-ending Dubai World Championship on the European Tour.
Nakheel suspended development on two of its four golf courses in 2009. The development, which has over 306 homes, is now scheduled for completion in 2012.
Nakheel said on Thursday that it has secured over 98 percent, or near unanimous, approval for its restructuring plan from financing banks.
(Reporting by Praveen Menon; Editing by Amran Abocar)