DUBAI, United Arab Emirates (AP) — The indebted builder of
Dubai’s palm-shaped islands says it plans to make early debt repayments
of 4 billion dirhams, or $1.1 billion, this year.
Nakheel said in a
statement Sunday that strong real estate growth and improved economic
conditions in Dubai boosted its finances.
The company says it
plans to pay another 3 billion dirham, or almost $817 million, in 2015
when the original first installment of 6.8 billion dirham was due.
The
company owes $2.15 billion in bank debt and promises to repay trade
creditors $1.23 billion in Islamic bonds that mature in 2016.
Nakheel’s
credit problems were a key trigger of Dubai’s 2009 financial crisis,
which prompted multibillion-dollar bailouts by the Abu Dhabi-based
federal government.
Copyright 2014 The Associated Press. All rights
reserved. This material may not be published, broadcast, rewritten or
redistributed.
DUBAI, United Arab Emirates (AP) — The indebted builder of
Dubai’s palm-shaped islands says it plans to make early debt repayments
of 4 billion dirhams, or $1.1 billion, this year.
Nakheel said in a
statement Sunday that strong real estate growth and improved economic
conditions in Dubai boosted its finances.
The company says it
plans to pay another 3 billion dirham, or almost $817 million, in 2015
when the original first installment of 6.8 billion dirham was due.
The
company owes $2.15 billion in bank debt and promises to repay trade
creditors $1.23 billion in Islamic bonds that mature in 2016.
Nakheel’s
credit problems were a key trigger of Dubai’s 2009 financial crisis,
which prompted multibillion-dollar bailouts by the Abu Dhabi-based
federal government.
Copyright 2014 The Associated Press. All rights
reserved. This material may not be published, broadcast, rewritten or
redistributed.