Dubai developer Nakheel plans sukuk sale, mall financing - sources | Reuters:
Nakheel, the developer of the palm shaped islands off Dubai, is working with a group of banks to raise a loan for a new mall and, separately, it is planning to issue U.S. dollar-denominated sukuk, sources familiar with the matter said.
The state-owned firm was one of the developers worst hit by Dubai’s real estate crash at the turn of the decade, forcing it into a massive debt restructuring.
The company is now planning to return to the debt market with a new public issue of U.S. dollar-denominated sukuk, or Islamic bonds, which it could sell over the next few months, said the sources. Asked to comment on its sukuk plans, Nakheel said it does not comment on speculation.
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