Nakheel today completed another milestone by issuing the third tranche of its trade creditor sukuk. The sukuk programme was established on 25 August 2011, with the first tranche of AED3.8 billion (US$1.03 billion) launched at the time.
Today’s issuance of AED121 million (US$33 million) brings the total amount issued to AED4.148 billion, and further underpins Nakheel’s commitment towards successfully implementing its revised business plan and the settlement of trade creditor claims.
In addition to the issuance of the sukuk and payment of all profits due on the sukuk to date, Nakheel has made payments totalling around AED10 billion to various trade creditors and contractors since November 2009, when its restructuring process commenced.
Nakheel issues US$33 million in third tranche of trade creditor sukuk - bi-me.com
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