Nakheel Commences 40 per cent Cash Payments To Creditors
Dubai, 30 June, 2010 : Following the signing of substantial restructuring agreements by Nakheel, it announced that it has commenced paying the second phase of cash payments to its creditors.
Mr Ali Lootah Chairman of Nakheel stated that they were making 40 percent of the payments towards the Palm Jumeirah project and that it is a significant part of the recapitalization efforts following initial payments of AED 500,000 which began in March 2010.
The Chairman also thanked His Royal Highness Sheikh Mohammed bin Rashid Al Maktoum, who is the Prime Minister of UAE and Ruler of Dubai, The Dubai Supreme Fiscal Coimmiittee and partners in the project for the support extended in the project. He said the restructuring could not have been achieved without the support and patience of the above mentioned parties in earnest throughout.
Nakheel one of Dubai’s key players in developing is involved in creating world class destinations and landmark constructions in Dubai. Some of its famous projects are known the world over such as the Palm Jumeirah, Palm Jebel Ali, Jumeirah Waterfront, Palm Deira and international city which are part of its current portfolio of development in Dubai.