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Nakheel pays off $1.2bn billion bank debt

Dubai government owned Nakheel Properties…

October 19, 2009 4:37 by

Dubai government owned Nakheel Properties repaid a $1.2 billion debt back to bankers- Emirates NBD, Mashreqbank, Noor Islamic Bank and Samba of Saudi Arabia last week, reports The National. Although Nakheel reportedly extended the maturity of the bank notes to November, it has settled the debt a month in advance.

“Perhaps it wanted to generate some goodwill,” Mohammad Rajid Kamran, deputy general manager and head of global financial institutions at Emirates NBD, told the paper.

Nakheel has a $3.52 billion Islamic bond maturing in December this year, and needs to repay bondholders $4.02 billion.

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