Plans by Nakheel properties to issue Dh4.8 billion sukuk (Islamic bonds) to creditors in the first half of 2011 have been delayed by routine procedures but they remain the company’s top priority, its chairman has said.
Ali Rashid Lootah said the company, which has been locked in a restructuring programmes, would still issue sukuk in the near future but he provided no dates in his remarks to the semi official daily Alittihad on Wednesday.
“Nakheel had spared no effort to issue sukuk on time in the first half of this year but a number of routine administrative procedures took more time than had been expected or planned as they coincided with the summer vacations,” he said.
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