Dubai's Nakheel says to repay $1.5 bln debt early | Reuters

Dubai's Nakheel says to repay $1.5 bln debt early | Reuters:



"Dubai property developer Nakheel will repay all its outstanding debt to banks by August this year, four years ahead of the schedule mandated by its restructuring plan, the state-run company's chairman said on Wednesday.



The repayments will total 5.54 billion dirhams ($1.5 billion), and will be funded from Nakheel's own resources rather than support from the Dubai government, Ali Rashid Lootah told a news conference.



In February, Nakheel said it had initiated early repayment of 2.35 billion dirhams of bank debt 18 months ahead of maturity in September 2015."



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