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FINANCIAL NEWS
Nakheel gets $980m aid to repay maturing bonds
12 May 2010
(MENAFN) A statement issued by Nakheel said that the Dubai government has given the developer enough funds to repay a $980 million Islamic bond maturing on May 13, Reuters reported.
Nakheel announced that the Dubai Financial Support Fund has made available sufficient funds to allow for the repayment in full of the sukuk issued by Nakheel Development 3 Limited, which is due on 13 May 2010.
This Fund was established with the aim to distribute funds, raised via $20 billion sovereign bond program, to state-related entities.
Under the terms of Dubai World’s restructuring proposal unveiled on March 25, payment of the Islamic bond (sukuk) was conditional on Dubai World reaching a formal agreement with all of its creditors.
Nakheel, the builder of man-made islands shaped like palms, is widely expected to repay the bond on time, despite the absence of a formal debt deal on Dubai World.
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