Saturday 16 July 2011

Nakheel to issue sukuk in July: report - Emirates 24/7

Nakheel properties is pushing ahead with plans to issue Dh4.8 billion sukuk (Islamic bonds) on schedule this month after securing approval for its debt restructuring by all lenders, a newspaper said on Saturday.

Quoting an unnamed senior source in Nakheel, the Sharjah-based Arabic language daily Alkhaleej said sukuk would be issued and managed by the German Deutsche Bank but they would initially not be listed.

The source told the paper that Nakheel, the real estate arm of the government-owned conglomerate Dubai World, had secured full agreement by all creditors to its plan to restructure $2.2 billion (Dh eight billion) debt.

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