Nakheel has secured 17 billion dirhams ($4.6 billion) in financing as the group behind the palm-shaped islands accelerates plans for “its new projects including Dubai Islands and other large waterfront projects”.
Nakheel said in a statement on Tuesday that the transaction comprised 11 billion dirhams ($2.9 billion) in refinancing and additional funds of 6 billion dirhams ($1.6 billion) through a syndicate from Emirates NBD, Mashreqbank, and Dubai Islamic Bank.
A Nakheel spokesperson said the transactions will further strengthen its financial position and reflect the confidence of the banking institutions in the strategic new focus of the company.
“Dubai’s real estate sector is recording robust growth, driven by regulatory reforms, such as the issuance of long-term visas, and a buoyant economy supported by the robust growth of retail, leisure, and hospitality,” according to the spokesman.
“As Dubai’s pioneering master developer with high-performing assets in these core economic sectors, we are entering a new phase of growth placing our customers at the heart of everything we do.
This new era of Nakheel will be defined by our commitment to developing exceptional communities, enhancing customer-oriented services, and delivering value across all touch points.”
