Dubai property developer Nakheel has repaid a $1.2 billion securitised bond a month ahead of its maturity date, a magazine reported on Monday.
London-based MEED said on its website the state-owned developer, which has a $3.52 billion Islamic bond maturing in December, had made the repayment on Oct. 15.
The magazine did not say how it got the information.
The securitisation was due to mature on November 15 and had been financed by Emirates NBD, Mashreqbank, Noor Islamic Bank and Samba Financial Group.
Investors are keen to see how Dubai is able to tap markets as its real estate sector slumps under the weight of the financial crisis
The emirate -- one of seven members of the UAE federation -- and its state-linked firms have outstanding debt of about $80 billion, much of it incurred during a drive that saw Dubai expand activities in logistics, financial services, property and luxury retail and tourism.
Nakheel was not immediately available to comment.END
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