Nakheel repays additional amount of AED206 million to its lenders
27/02/2013
Nakheel Properties, a currently-controlled company under the Dubai Government, is now considered a reviving property developer because of its positive achievements after the impacts of the so-called ‘Global Economic Crisis’. In fact, as the builder of the man-made archipelago in Dubai, Palm Jumeirah, it has recently repaid its creditors or bank lenders an additional payment of AED206 million which will be due before the end of this month of February 2013.
So, based on the report, the company has already paid a total of AED923 million since 2011. According to the latter’s spokesperson, he said that Nakheel will continue to focus on meeting its restructuring commitments to stakeholders in particular as well as continue to work towards achieving its corporate objective so as to create a long-term and sustainable business that will contribute to the growth of the Emirate’s property market and the latter’s overall economy as well.
So far, Nakheel has been in talks with involved lenders to extend more its remaining AED8 billion loan that will be due two years from now. By doing so, it will gradually repay the second parties and will keep its determination to build more real estate projects in Dubai. Indeed, it has almost delivered around 4, 000 apartments to its investors since the start of its restructuring deal in August 2011. Then, it is about to hand over approximately around 3, 000 new units to property buyers before this year 2013 ends and another 170 apartments on its flagship development, Palm Jumeirah, on which its new project will be built: Azure Residences.
As a result, it was reported that the company has gained at least 57 per cent increase in its annual profit for last year; and a total of 91 per cent to AED7.8 billion for its revenues in the same period. Lastly, it has just awarded some construction contracts for its new projects such as the Palma Residences and the Phase 2 of its existing shopping mall, Dragon Mart.
So, based on the report, the company has already paid a total of AED923 million since 2011. According to the latter’s spokesperson, he said that Nakheel will continue to focus on meeting its restructuring commitments to stakeholders in particular as well as continue to work towards achieving its corporate objective so as to create a long-term and sustainable business that will contribute to the growth of the Emirate’s property market and the latter’s overall economy as well.
So far, Nakheel has been in talks with involved lenders to extend more its remaining AED8 billion loan that will be due two years from now. By doing so, it will gradually repay the second parties and will keep its determination to build more real estate projects in Dubai. Indeed, it has almost delivered around 4, 000 apartments to its investors since the start of its restructuring deal in August 2011. Then, it is about to hand over approximately around 3, 000 new units to property buyers before this year 2013 ends and another 170 apartments on its flagship development, Palm Jumeirah, on which its new project will be built: Azure Residences.
As a result, it was reported that the company has gained at least 57 per cent increase in its annual profit for last year; and a total of 91 per cent to AED7.8 billion for its revenues in the same period. Lastly, it has just awarded some construction contracts for its new projects such as the Palma Residences and the Phase 2 of its existing shopping mall, Dragon Mart.
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