IslamicFinance.de

Property developer Nakheel NAKHD.UL plans to issue a 6 billion dirham Islamic bond as part of its debt repayment plan as it restarts several key projects. Under Nakheel's restructuring plan, trade creditors have been offered 40 percent of what they are owed in cash and the remaining 60 percent through a sukuk Islamic bond.
Dubai contractor Arabtec's chief financial officer Ziad Makhzoumi said Nakheel had applied for listing on Nasdaq Dubai. Nakheel, the property arm of state-owned conglomerate Dubai World and undergoing parallel negotiations with its creditors, has yet to secure backing for its plan.
The developer expects to complete its debt restructuring by the end of the year.