Nakheel confirms receiving funds

Nakheel has started receiving funds from Dubai Government, confirmed its Chief Executive Officer (CEO) Chris O'Donnell in an exclusive interview with Emirates Business. However when asked if the figure stood at Dh2 billion, the chief executive said: "The actual figure is confidential and so are all the other details. But yes, Nakheel is receiving funds."

The developer is also talking to its contractors and re-negotiating payments plans and contracts. "Yes, we are trying to help them and ourselves through our current situation. We are at the stage of commercial settlements and negotiations. Rather than detail on percentages, it is a true statement to say that construction costs are falling and there is definitely a reduction," said O'Donnell.

"Part of our obligation to our customers is to ensure that we get them the best buildings. Hence, we are talking to our contractors to get cost-effective solutions."