(MENAFN) Nakheel, the Dubai property developer, is planning to repay all of its bank debt amounting to USD2.15 billion as much as four years ahead of schedule, The Peninsula Qatar reported.
The state-controlled developer will repay 31 banks USD1.51 billion. Of that sum, USD940 million will go to UAE banks, with Dubai Islamic Bank and Emirates NBD receiving the biggest share, while the remaining USD570 million will be paid to foreign banks.
Nakheel was pushed very hard and forced to restructure its debts due to Dubai"s debt crisis in 2008. However its finances have been improving over the past couple of years as the UAE"s property market began recovering.
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