Nakheel makes $59.8m sukuk profit payment

Nakheel will make the profit payment to all the sukuk holders on the due date of June 15, 2015

Nakheel's project portfolio comprises large-scale destination developments at various locations in Dubai.
Nakheel's project portfolio comprises large-scale destination developments at various locations in Dubai.

Dubai real estate developer, Nakheel, on Thursday (11 June, 20, confirmed a profit payment of $59.8m (AED220m) on its trade creditor sukuk.

The developer mentioned in its statement that instructions have been sent to Deutsche Bank, the registrar and paying agent for the sukuk.

The company also added that it has told the bank to make the profit payment to all sukuk holders on the due date of June 15, 2015 against the sukuk issued amount of $1.19bn (AED4.4bn) to date.

In April this year, Nakheel announced a net profit of $367.5m (AED1.35bn) for the first quarter of 2015, an increase by 115% as compared to last year.

Nakheel's project portfolio comprises large-scale destination developments such as Nakheel Mall, Deira Mall, Deira Islands Night Souk, Warsan Souk, Al Khail Avenue, The Circle Mall and The Pointe at Palm Jumeirah; major extensions to Dragon Mart (renamed Dragon City) and Ibn Battuta Mall.

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