DUBAI Feb 23 Dubai developer Nakheel said on Sunday it has initiated early repayment of 2.35 billion dirhams ($639.8 million) of bank debts 18 months ahead of maturity in September 2015.
The state-owned company had accumulated 6.8 billion dirhams of bank debts while building ambitious mega-development projects such as the palm tree-shaped island off Dubai's coast.
Nakheel in January said it would repay a portion of its debts ahead of time.
The company was taken over by the government as part of a $16 billion restructuring plan in 2011. ($1 = 3.6730 UAE dirhams) (Reporting by Praveen Menon; editing by Sami Aboudi)