Nakheel to pay a fraction of debts

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Nakheel is one of the most high-profile developer in Dubai, with the government-backed firm responsible for the famous palm-shaped islands and ‘World’ and ‘Universe’ island developments.

But last month NCE revealed that the developer was close to bankruptcy, with analysts estimating that it owed consultants up to £200M.

Last week the Dubai government bailed it out with cash from a successful bond issue worth £13.3bn (US$20bn), with neighbouring Abu Dhabi buying half the offering.