The developer says the financing will drive a new phase of growth
Dubai-based Nakheel has secured AED17bn ($4.6bn) in funding that the local developer says will drive its new growth phase.
It has refinanced AED11bn and secured additional funds of AED6bn. The finance will be utilised to accelerate the development of its new projects, including Dubai Islands and other large waterfront projects.
The refinancing of AED11bn has been secured through a syndicate of three banks – Mashreq Bank, Dubai Islamic Bank and Emirates NBD.
In August, Nakheel released details of a new masterplan for the reclaimed islands next to the Deira corniche.
The islands, now known as Dubai Islands, were originally part of the Palm Deira project that was partially completed and then put on hold in 2008. The island sections that had been reclaimed were masterplanned again and rebranded as Deira Islands in 2014, which included plans for 50 residential and hotel towers.
This article has been unlocked to allow non-subscribers to sample MEED’s content. MEED provides exclusive news, data and analysis on the Middle East every day. For access to MEED’s business intelligence, subscribe here
You might also like...
Contractors submit infrastructure bids for Qiddiya
04 October 2023
Algerian gas consortium tenders engineering contract
04 October 2023
Saudi growth dips while project activity soars
04 October 2023
Algeria replaces Sonatrach’s CEO
04 October 2023
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.
