Nakheel secures strategic finance of AED 17bln to drive new phase of growth

Nakheel secures strategic finance of AED 17bln to drive new phase of growth

- Additional new funding will support the development strategy of Nakheel including projects such as Dubai Islands and other waterfront projects.

Dubai, UAE: Master-developer Nakheel today announced that it has secured AED 17 billion in strategic financing deal to drive its new phase of growth. This includes refinancing of AED 11 billion, and additional funds of AED 6 billion. The finance will be utilised to accelerate the development of its new projects including Dubai Islands and other large waterfront projects.

The refinancing of AED 11 billion has been secured through a syndicate of three banks, Mashreq Bank, Dubai Islamic Bank and Emirates NBD demonstrating strong financial foundations and long-term growth prospects of the company.

A Nakheel spokesperson said the transactions will further strengthen its financial position, and reflects 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. 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