Nakheel, the developer behind Dubai’s The Palm Jumeirah, has secured AED17 billion ($4.6 billion) in financing as it seeks to expand amid the emirate’s property boom.
According to Nakheel, the agreement includes AED11 billion in refinancing and AED6 billion in additional funds to support the development of new projects such as the Dubai Islands and other large waterfront projects.
A syndicate of three banks — Mashreq Bank, Dubai Islamic Bank, and Emirates NBD — reached the AED11 billion refinancing agreement.
Read more: UAE real estate market continues to flourish in Q3
This year has seen a strong recovery in the UAE property market, with Dubai recording the most robust performance in the first nine months of the year since 2011.
The volume of transactions in the nine-month period increased by 60 percent, compared with a year earlier. It increased 14 percent in the third quarter to 25,500 deals.
