Dubai's Nakheel, the developer behind the emirate's manmade Palm Jumeirah, said on Tuesday it had repaid an additional AED206m (US$56m) to creditors as part of its debt restructuring.
The property firm, which was badly impacted by Dubai's real estate crash in 2008-2009, said the funds were due to be repaid at the end of February in accordance with Nakheel's restructuring commitments. Nakheel said the sum brought the total amount it had paid back to lenders since its 2011 restructuring to AED923m.
“We remain focused on meeting our restructuring commitments to stakeholders, while continuing to work towards achieving our corporate objective of creating a long term, sustainable business that contributes to growth of Dubai’s real estate sector – and to the overall economy of Dubai and the UAE,” a spokesperson for Nakheel said in a statement.
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