Nakheel Gets Funds From Govt Of Dubai, Plans Bill Payments

Dubai-based real estate giant Nakheel PJSC said Wednesday it has received funds from the government of Dubai, without specifying the amount.

"Some of the funds will be used for payments to contractors," Dubai's Palm Island builder said in a statement on Nasdaq Dubai's Web site, adding that the "amount, terms and use of all the funds remain under discussion".

The company is at the center of growing concerns over Dubai's ability to repay billions of dollars in debt and is entangled in a growing number of disputes over unpaid bills to foreign contractors.END

Related articles by Zemanta

• Mandelson called in to help recoup £400m Dubai debt (telegraph.co.uk)