UAE’s developer Nakheel secures AED 17 bn in financing
Nakheel, the developer behind Dubai’s The Palm Jumeirah, has secured 17 billion dirhams ($4.6 billion) in financing as it seeks to expand amid the emirate’s property boom.
According to Nakheel, the agreement includes 11 billion dirhams in refinancing and 6 billion dirhams 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 11 billion dirhams refinancing agreement.
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.