Nakheel signed agreements with Mashreq Bank, Dubai Islamic Bank and Emirates NBD for refinancing AED11 billion and additional funds of AED6 billion for new projects
Nakheel has secured AED17 billion in a strategic financing deal to drive its new phase of growth, the master developer said in an emailed statement.
The new phase will include refinancing of AED11 billion, and additional funds of AED6 billion.
In addition, the finance will be utilized to lead the development of projects such as the Dubai Islands and other large waterfront projects.
“The refinancing of AED11 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,” Nakheel said.
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. This new era of Nakheel will be defined by our commitment to developing exceptional communities, enhancing customer-oriented services, and delivering value across all touchpoints,” the spokesperson said.
The developer’s residential, retail and hospitality assets have seen record growth despite the challenges of the pandemic.
“Over the past two years, Nakheel has also invested in building a strong assets portfolio and pipeline of new developments which will deliver consistent revenue growth in future years, and support the goals of the Dubai 2040 Urban Master Plan and ensure the health, wellbeing and happiness of citizens, residents and visitors,” Nakheel said in the statement.