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Wednesday, 26 January 2011

Nakheel repays sukuk; expects 100% creditor approval in two weeks - Emirates24|7

The chairman of Nakheel, the real estate unit of Dubai World, said in a press briefing today that the property firm ihas repaid its $750m sukuk, which matured on January 16. Nakheel had said in December that it intended to pay out a total of $871.6m to settle the debt, including profit distributions and other costs.

The sukuk was issued in 2008 with a principal of $750m. “Yes, we have paid it,” Nakheel Chairman Ali Rashid Lootah said at a briefing in Dubai.

In a regulatory filing to the Nasdaq Dubai stock exchange last month, Nakheel had announced that it planned to use funds from the Dubai Financial Support Fund (DSFS) to repay the sukuk. It had said then that the Dubai government had "made available sufficient funds to allow for the repayment in full."