IslamicFinance.de

Having cleared all of its historical debts, Nakheel confirmed talks are on with banks to tap 'cheap' funds for its ongoing and future projects. But there is no intention to seek such funds through another sukuk or via a share offer. Nakheel is now completely off debts, having paid off Dh4.4 billion to trade creditors via a sukuk. It had in 2014 paid off Dh7.9 billion to its banking lenders, four years before they were due. Nakheel Chairman Ali Rashid Lootah said he is hopeful of netting a new funding agreement before the year end. The funds can come in handy with Nakheel’s existing roster of projects. This includes a mega-mall, with an estimated development cost of Dh4 billion plus.