Nakheel Approaches Banks for Debt Financing
Dubai property developer Nakheel has approached banks to refinance outstanding debt, amid an economic downturn which is exacerbating property oversupply problems and has raised concerns over Dubai's debt sustainability. State-owned Nakheel, developer of Dubai's palm-shaped islands, was forced into a massive debt restructuring in the aftermath of the emirate's 2009-2010 real estate crash, when the company was one of the hardest hit. "As part of our usual business operations, we are in discussions with lenders and will announce further details as appropriate in due course," Nakheel told. It has recently approached banks to refinance multiple outstanding loans. The refinancing would include debt Nakheel raised for the development of its Deira Mall project.
Tags : INTERNATIONAL