Nakheel, the Dubai developer that wrote down $21bn of its assets, may struggle to raise debt without a state pledge to back its first fundraising since the emirate’s property crash, analysts say.
The builder of islands shaped like palm fronds off Dubai’s coast is in talks with banks to raise at least AED300m ($82m) for a retail project on Palm Jumeirah, chairman Ali Rashed Lootah told reporters on Wednesday.
This is both Nakheel’s first project and attempt to sell debt since a 2009 restructuring.
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