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State rescue for indebted Nakheel

Dec 30 2010 11:25 Sapa-AP

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Dubai - The Dubai property developer behind the emirate's manmade islands says it will use government financial support funds to repay more than $800m in debt coming due next month.

Nakheel said in a regulatory filing to the Nasdaq Dubai stock exchange that the Dubai Financial Support Fund has made the cash available to repay the sukuk, a type of Islamic bond.

It matures on January 16 and is the last sukuk Nakheel has listed on the exchange.

Nakheel says investors will be paid a total of $871.6m.

The state-run firm is still in talks to restructure at least $10.5bn in debt.

property market  |  property developers

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