Nakheel pays back entire $2.15bn bank debt
Dubai developer makes repayment four years ahead of due date
Dubai developer Nakheel has confirmed the early repayment of its entire AED7.9bn ($2.15bn) bank debt, nearly four years before the final loan instalment due in March 2018.
Nakheel has issued instructions for AED5.54 billion ($1.5bn) to be repaid to lenders on Thursday, 21 August - just six months after its previous early payment of AED2.35bn ($639mn), in February this year.
In addition, the company has issued instructions for the interest payment of AED129 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 AED3.45bn ($939mn) will go to UAE banks, with Emirates NBD and Dubai Islamic Bank being the biggest beneficiaries. The remaining AED2.09bn ($568mn) will be paid to overseas banks.