Dubai property developer Nakheel will repay all its outstanding debt to banks by August this year, four years ahead of the schedule mandated by its restructuring plan, the state-run company's chairman said on Wednesday.
The repayments will total AED5.54bn ($1.5bn), and will be funded from Nakheel's own resources rather than support from the Dubai government, Ali Rashid Lootah told a news conference.
In February, Nakheel said it had initiated early repayment of AED2.35bn of bank debt 18 months ahead of maturity in September 2015.
Nakheel was a casualty of Dubai's 2008-2009 property market crash, pushing it close to default and forcing it to restructure its debt. But its prospects have improved over the past two years with a strong recovery of Dubai's real estate market.
In April, the company reported a 28 percent year-on-year increase in first-quarter net profit to AED629m, on revenues of AED1.37bn.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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