DUBAI, June 25 Dubai property developer Nakheel
will repay all its outstanding debt to banks by
August this year, four years ahead of the schedule mandated by
its restructuring plan, the state-run company's chairman said on
The repayments will total 5.54 billion dirhams ($1.5
billion), and will be funded from Nakheel's own resources rather
than support from the Dubai government, Ali Rashid Lootah told a
In February, Nakheel said it had initiated early repayment
of 2.35 billion dirhams of bank debt 18 months ahead of maturity
in September 2015.
Nakheel was a casualty of Dubai's 2008-2009 property market
crash, pushing it close to default and forcing it to restructure
its debt. But its prospects have improved over the past two
years with a strong recovery of Dubai's real estate market.
In April, the company reported a 28 percent year-on-year
increase in first-quarter net profit to 629 million dirhams, on
revenues of 1.37 billion dirhams.
(Reporting by Nadia Saleem; Writing by Andrew Torchia)