Dubai's Nakheel pays Dh2.35 billion debt 18 months early

Dubai (WAM): Dubai developer Nakheel said on Sunday that it has instructed the repayment of Dh2.350 billion (US$639 million) of bank debt - more than a year and a half ahead of time. The company said in a statement that the early repayment, part of Dh6.8 billion due to be repaid to banks in September 2015, reflected the strong financial performance of the company post-restructuring. The move demonstrates the strength of the growing local real estate market, significantly improved economic conditions in the UAE and increased trust and confidence among investors in Dubai and Nakheel. Nakheel chairman Ali Rashid Lootah said, "We continue to deliver on and in some cases out-perform - the commitments set out in our post-restructuring business plan. Our prepayment is a major milestone in Nakheel's history, and further proof of our robust financial performance since we completed our restructuring in August 2011." He added, "The early payment has been made possible by delivering thousands of units to customers, ongoing cost savings achieved and the support of the Government of Dubai, investors and business partners, all of whom I thank again for their patience, understanding and trust and confidence in Nakheel." – Emirates News Agency, WAM