Tuesday 25, September 2018 by Kudakwashe

Nakheel plans Sukuk sale to finance new mall

 

The state-owned firm is among the developers worst hit by Dubai’s real estate crash, forcing it into a massive debt restructuring.

Dubai’s Nakheel is working with a group of banks to raise a loan for a new mall and separately planning to issue US dollar-denominated Sukuk.

The firm is considering to return to the debt market with a new public issue of US dollar-denominated Sukuk, which it could sell over the next few months. The company is also separately putting together a loan which is being coordinated Emirates NBD and will involve a consortium of local banks.

The construction of a new mall in Deira, which the company says will be the biggest in the Middle East should be completed by 2021, reported Reuters.

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