Dubai developer Nakheel is in negotiations with three banks for loans to help fund its ongoing programme of construction projects.

Speaking to MEED on 10 October, Nakheel chairman Ali Rashid Lootah said he was in talks with three UAE lenders. He did not reveal which banks were in discussions, or the size of the loans.

Nakheel has already secured a bank loan to help finance its projects. “We are talking to banks, we have already signed with one bank,” Lootah told MEED at the Cityscape Global exhibition on 6 September.

He did not reveal which bank the loan has been signed with or how large the facility is.

Nakheel completed its restructuring on 25 August, when it paid its AED4.4bn ($1.2bn) trade creditor sukuk (Islamic bond).

The developer cleared its bank debt four years ahead of time in 2014. This was made possible by outperforming the restructuring plan drawn up for the developer in 2010, after it was forced to default on its debts following the global financial crisis and Dubai’s property market crash in 2008.