Dubai-based developer Nakheel says it will repay all AED7.9bn ($2.15bn) of debt owed to bank lenders with an early repayment of AED5.45bn in August.

The developer paid AED2.35bn in February, and will repay the remaining debt in August. This is nearly four years before the final loan was due in March 2018.

“We are four years ahead of our restructuring commitments. All of this cash is generated from Nakheel’s own income, it is not from the government support fund,” said Ali Rashid Lootah, chairman, Nakheel, speaking at a media briefing in Dubai on 25 June.

Nakheel says without bank debt, it will have more opportunities to develop new projects.