Nakheel plans to extend the due for its billions of debt
18/02/2013
As one of the biggest property developers in Dubai, which were hardly affected by the previous Global Economic Crisis, Nakheel is currently on the track of witnessing growth in its annual profits that let it settle its financial debts from bank creditors in particular. In fact, regardless of such improving performance, it is still planning to extend its AED8 billion loan which will be due on 2015 in order to be totally-recovered in order to achieve a financial stability.
After four years of struggles, it has already experienced progress in line with the increasing demand for its properties which are particularly located on the man-made islands, Palm Jumeirah. Furthermore, according to Ali Rashid Al Lootah, Chairman of Nakheel, he said that 2013 will be a year of deliveries for the company. Indeed, it is about to hand over more than 3, 000 properties in the following residential development locations: International City, Al Furjan, Palm Jumeirah, Jumeirah Village, Jumeirah Park, and Jumeirah Heights.
Then, he also said that being part of Dubai’s economic growth, Nakheel will continue to contribute to the latter’s success through adding more new property projects regardless of the issue concerning with Sukuk; for it has never worried about the latter. Because the company is currently in talks with some financial institutions in order to restructure its billions of debt, or to make the Sukuk in the longer-term instead. Indeed, it is just a normal part of business and a secondary issue for Nakheel as well.
In addition, the Chairman further said that though Nakheel had a number of financial issues with contractors, the board has been determined to put the company back on track. Then, according to him, he said that Nakheel has been already successful so far because it has completely sorted most of the old issues.
Now, as a matter of fact, the developer plans to focus more on leisure and retail projects over years from now. One of which is to focus on the Emirate’s Tourism Industry which is quite on track because most of the foreign investors or individuals coming in Dubai are looking for more options.
After four years of struggles, it has already experienced progress in line with the increasing demand for its properties which are particularly located on the man-made islands, Palm Jumeirah. Furthermore, according to Ali Rashid Al Lootah, Chairman of Nakheel, he said that 2013 will be a year of deliveries for the company. Indeed, it is about to hand over more than 3, 000 properties in the following residential development locations: International City, Al Furjan, Palm Jumeirah, Jumeirah Village, Jumeirah Park, and Jumeirah Heights.
Then, he also said that being part of Dubai’s economic growth, Nakheel will continue to contribute to the latter’s success through adding more new property projects regardless of the issue concerning with Sukuk; for it has never worried about the latter. Because the company is currently in talks with some financial institutions in order to restructure its billions of debt, or to make the Sukuk in the longer-term instead. Indeed, it is just a normal part of business and a secondary issue for Nakheel as well.
In addition, the Chairman further said that though Nakheel had a number of financial issues with contractors, the board has been determined to put the company back on track. Then, according to him, he said that Nakheel has been already successful so far because it has completely sorted most of the old issues.
Now, as a matter of fact, the developer plans to focus more on leisure and retail projects over years from now. One of which is to focus on the Emirate’s Tourism Industry which is quite on track because most of the foreign investors or individuals coming in Dubai are looking for more options.
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