United Arab Emirates real estate company Nakheel secures $4.6 billion in strategic financing

United Arab Emirates real estate company Nakheel secures $4.6 billion in strategic financing

It is used in development operations including the “Dubai Islands” project and other waterfront projects


Wednesday – 15 Rabi’ al-Thani 1444 AH – 09 November 2022 AD Issue no. [
16052]


Nakheel’s “Dubai Islands” Project (Middle East)

Dubai: “The Middle East”

Emirati company Nakheel said it had secured 17 billion dirhams ($4.6 billion) in funding in a strategic financing deal to support the new phase of growth and expansion, including refinancing deals worth 11 billion dirhams (2.9 billion USD) and additional financing credits of 6 billion dirhams ($1.6 billion), with the company set to use this financing to accelerate the development of its new projects, including the “Dubai Islands” project and other major waterfront projects.
The Emirati property developer said the 11 billion dirham ($2.9 billion) loan was secured through a group of three banks, namely Mashreq Bank, Dubai Islamic Bank and Emirates NBD, noting that this move confirms the strong financial basis from which it benefits. The company and its long-term growth opportunities.
A Nakheel spokesperson said in a statement issued yesterday: “The new financing agreements will play an important role in strengthening the company’s financial position and will also reflect the banking institutions’ confidence in the company’s new strategic direction. The real estate sector in Dubai is registering strong growth, driven by the regulatory measures taken by the government, such as the issuance of long-term visas, and the booming economic activity supported by the strong growth in the retail, leisure and hospitality sectors.”
He added: “As one of the leading real estate developers in Dubai, with high-performing assets in key economic sectors, we are about to start a new phase of growth and expansion, putting our clients’ interests at the top of the priority list. This The new phase our company is entering underscores our commitment to developing exceptional residential communities, improving customer service and delivering real value across all touchpoints.”


Economy

Leave a Comment