Dubai property developer Nakheel in talks to refinance debt - sources | Nasdaq:
Dubai property developer Nakheel has approached banks to refinance outstanding debt, sources said, amid an economic downturn which is exacerbating property oversupply problems and has raised concerns over Dubai's debt sustainability.
State-owned Nakheel, developer of Dubai's palm-shaped islands, was forced into a massive debt restructuring in the aftermath of the emirate's 2009-2010 real estate crash, when the company was one of the hardest hit.
It has recently approached banks to refinance multiple outstanding loans, said three sources familiar with the matter, without disclosing the amount of debt involved.
The refinancing would include debt Nakheel raised for the development of its Deira Mall project, two of the sources said.
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