Dubai’s Nakheel has issued a AED120m ($32.7m) sukuk (Islamic bond) to trade creditors, bringing the total amount issued to AED4.27bn.

The latest issuance is the fourth tranche from the real estate developer’s sukuk programme that is used to pay off trade creditors as part of Nakheel’s debt restructuring plan.

Nakheel is also in talks with banks to refinance around AED8bn of bank debt put in place in 2010 as part of its debt restructuring.