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Dubai’s Nakheel plans to raise $4.6bn loan to refinance debt

By Pramod Kumar
Creative Commons
Nakheel plans to raise funds to coincide with a resurgence in Dubai’s real estate market after a years-long slump.  

Dubai state developer Nakheel plans to raise a loan of about AED 17 billion ($4.6 billion) to refinance existing debt, Bloomberg reported, citing people familiar with the matter.

The company is seeking financing from a group of lenders, including Dubai Islamic Bank, Emirates NBD and Mashreqbank. 

The banks arranging the loan are also asking global and regional lenders to participate in the deal, the news agency reported. 

The developer of the Palm-shaped islands intends to raise funds to coincide with a resurgence in Dubai’s real estate market after a years-long slump.  

Prime residential property prices in the emirate rose by nearly five percent in the first half of the year, placing Dubai at number four in a new list of the world’s best-performing markets, data from Savills showed.

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