Nakheel, the property arm of state-owned conglomerate Dubai World, expects to reach a deal to pay part of its debt to local contractors this month, its chairman has said.
However, Ali Rashid Lootah said claims made by the contractors for the payment of Dh8 billion were highly exaggerated, adding that some of them had agreed to renegotiate claims and payment.
“Autonomous financial advisers appointed by Nakheel to study those claims found that they are highly exaggerated,” he said in comments published in Dubai-based Arabic language daily Al Bayan on Sunday.
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