Dubai's Nakheel repays more cash to lenders

Andy Wednesday, 27 February 2013 6:17 PM - USA

To the best of my knowledge they are paying back a portion of the interest and penalties of which were past due. They are negotiating to delay paying back the actual amount and even the minimum payments due. I have a payment that I am supposed to collect on and I have not collected interest or any thing and it has been 10 years now.

Telcoguy Sunday, 3 March 2013 3:48 PM - UAE

Sorry to hear that. For a small business (like mine) this would mean death (funny how the same people who will justify the non-payment will be claiming to throw me in jail if any of my cheques bounce)

For us the only way to manage risk in the UAE is to simply conduct no business with local firms because we, rightly or wrongly, assume we will never get paid if we do

Mhd Shzn Wednesday, 27 February 2013 12:31 AM - Al Barsha

Always believed Dubai's return to a healthy economy would be linked to the return of Nakheel.

May God bless and guide Nakheel to prosperity and in turn bless the patient investors (and victims) who suffered the wrath a global financial crisis.

Dubai is truly back and in growth, mabrook all who held.

Daud Al Zainey Wednesday, 27 February 2013 3:17 PM - UAE

@ Mhd, well, held is the operative word because they are still holding my money and the money of many hundreds of other buyers even though the project is cancelled.

leo50 Wednesday, 27 February 2013 11:17 AM - United Arab Emirates

and commiserations to all who went under awaiting their money!

Telcoguy Wednesday, 27 February 2013 12:27 AM - UAE

Just for the mathematically handicapped, US$ 56M is roughly 0.5% of Nakheel's total debts (US$ 16bn) and not even 2.5% of the amount being renegotiated(US$ 2.17bn)

Telcoguy Wednesday, 27 February 2013 1:37 PM - UAE

@RS It is interesting to see all the upbeat "news" and the reaction they are getting from some readers. It kind of reminds me of 2008-9

Well the numbers are what they are, the world economy is still very fragile and Dubai depends on foreign capital flows, either from the international banking community or from those property cash buyers discussed in other articles. None of them I find reassuring as a (potential) investor

Other people will surely disagree, and I am happy for them to play with their money as they see fit

Ozimandius Wednesday, 27 February 2013 11:17 AM - UAE

Priceless!

Red Snappa Wednesday, 27 February 2013 8:59 AM - Ireland

A very pertinent statistic, Telcoguy old chap, especially considering that the repayment term for the US$ 16.1 billion restructure finalised in 2011, is between 5 and 8 years. Presumably we starting counting on our fingers from 2011 in this respect! Plus all the new project expenditure now racking up supposedly over the next three years.

One might hazard that a shiver has just run down the collective spines of the international banking community.