Dubai developer Nakheel today confirmed the early repayment of its entire AED 7.9 billion bank debt, nearly four years before the final loan instalment due in March 2018.
Nakheel has today issued instructions for AED 5.54 billion to be repaid to lenders on Thursday, 21 August – just six months after its previous early payment of AED 2.35 billion, in February this year. In addition, the company has issued instructions for the interest payment of AED 129 million, covering the six months from 27 February 2014 to 28 August 2014.
Nakheel will pay 31 banks, including 10 from the UAE and 21 from overseas. A total of AED 3.45 billion will go to UAE banks, with Emirates NBD and Dubai Islamic Bank being the biggest beneficiaries. The remaining AED 2.09 billion will be paid to overseas banks.