Nakheel begins repaying creditors

Property developer Nakheel on Sunday said it has started paying trade creditors — contractors and sub-contractors dues of up to Dh500,000.

A Nakheel spokesperson said all trade creditors have been or are in the process of being paid Dh500,000, which means that those owed Dh500,000 or less are paid in full. "Our talks with our partners are progressing and we are confident that an agreement will be reached shortly," the spokesperson said.

This allows for projects, which slowed down or were put on hold. to regain activity. "Projects are being prioritised following an assessment of construction stages, cost of completion, customer collections and market supply and demand.