Dubai developer Nakheel confirmed the early repayment of its entire Dhs7.9bn bank debt, nearly four years before the final loan instalment due in March 2018.
Nakheel has issued instructions for Dhs5.54bn to be repaid to lenders on Thursday, 21 August – just six months after its previous early payment of Dhs2.35bn, in February this year.
In addition, the company has issued instructions for the interest payment of Dhs129m, covering the six months from 27 February 2014 to 28 August 2014.
Nakheel will pay 31 banks, including 10 from the UAE and 21 from overseas. A total of Dhs3.45bn will go to UAE banks, with Emirates NBD and Dubai Islamic Bank being the biggest beneficiaries. The remaining Dhs2.09bn will be paid to overseas banks.
Nakheel said that the loan repayment, announced in June, is a true testament to the support and guidance of His Highness Sheikh Mohammed Bin Rashed Al Maktoum and the trust and faith that he and the Government of Dubai placed in the company.
Nakheel also thanked its lenders, investors, business partners and regulatory authorities for their support throughout its financial restructuring exercise and since the implementation of its post-restructuring business plan began in August 2011.
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Wednesday, August 20- 2014 @ 15:34 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.