Nakheel to settle all Dhs5.5bn bank loans four years early

June 26, 2014 12:03 am

Dubai’s state-owned property developer, Nakheel has said it will pay back all of its bank loans four years early and focus on building hospitality projects, Bloomberg has reported. Chairman Ali Rashed Lootah said the company will repay Dhs5.54bn ($1.5bn) in August before that would have been due in March 2018. The funds being used to repay the debt are coming from Nakheel’s income and not from a government support fund, Lootah said.