Investors are watching intently as time runs down on the developer’s US$3.52 billion sukuk, and a $300 million instalment on another loan. They await some clue as to how their investments in Dubai-government backed firms will fare in the global financial crisis.
Nakheel, the developer behind Dubai’s palm-shaped islands, is quickly running out of time and options to handle a US$3.52 billion (Dh12.92bn) debt that comes due in December.
The Islamic bond, or sukuk, must be repaid on December 14. But Nakheel, which has fallen on hard times since property prices in Dubai dropped at the end of last year, so far has not arranged a refinancing or restructuring of the bond.
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