Nakheel becomes more aggressive than Emaar during the booming years
20/02/2013
Both Nakheel and Emaar Properties are indeed the biggest and largest property developers in Dubai that have developed most of the stunning property developments such as the Artificial Archipelago, Palm Jumeirah; and the currently-tallest tower in the world, Burj Khalifa.
Now, based on the report, the Chairman of Emaar Properties, Mohamed Alabbar, said that Nakheel has become more aggressive during the realty booming years that led the company to billions of debt as well as let it have a debt restructuring deal two years ago that forced it to scale back its plans. In fact, it was one of the high-profile corporate casualties affected by the Global Economic Crisis.
Fortunately, after the successful debt restructure in August 2011, it has consequently become part of Dubai Government. In other words, it has separated from its parent-company which was the Dubai Holding owned by the Ruler of Dubai himself. Since then, it has gradually repaid some of its debts. As a matter of fact, a few months ago, it was reported that it has already paid a total of AED10 billion to trade creditors and contractors since 2009. Furthermore, the company has been in talks with concerned lenders in order to extend the due of its AED8 billion debt, which will be supposedly due two years from now.
So far, because of continuous positive growth shown in Dubai’s property market, it will totally recover from the impacts of the above-mentioned devastating financial crisis. According to Mohamed Alabbar, as chairman of Emaar, he said that as the Emirate is now serious regarding with the property industry, its debt is quite manageable because of its assets and revenues that could pay them eventually.
Now, based on the report, the Chairman of Emaar Properties, Mohamed Alabbar, said that Nakheel has become more aggressive during the realty booming years that led the company to billions of debt as well as let it have a debt restructuring deal two years ago that forced it to scale back its plans. In fact, it was one of the high-profile corporate casualties affected by the Global Economic Crisis.
Fortunately, after the successful debt restructure in August 2011, it has consequently become part of Dubai Government. In other words, it has separated from its parent-company which was the Dubai Holding owned by the Ruler of Dubai himself. Since then, it has gradually repaid some of its debts. As a matter of fact, a few months ago, it was reported that it has already paid a total of AED10 billion to trade creditors and contractors since 2009. Furthermore, the company has been in talks with concerned lenders in order to extend the due of its AED8 billion debt, which will be supposedly due two years from now.
So far, because of continuous positive growth shown in Dubai’s property market, it will totally recover from the impacts of the above-mentioned devastating financial crisis. According to Mohamed Alabbar, as chairman of Emaar, he said that as the Emirate is now serious regarding with the property industry, its debt is quite manageable because of its assets and revenues that could pay them eventually.
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