Construction giant Nakheel will begin transferring a sum amounting to AED 5.5 billion to its creditor banks tomorrow so that its new Board of Directors, which was appointed four years ago, will have achieved one of the Company’s largest and most complex restructures ever.

This step highlights how Nakheel has succeeded in implementing a new work scheme that has set the Company on the path towards growth.

This early repayment of debt will save nearly AED 400 million in banking interest over such debt. It is worth noting that the Nakheel has depended on its own resources to repay its debts without having to take on other debts or government support.

Emirates NBD and Dubai Islamic Bank (DIB) top the list of national banks Nakheel owes money.

Through its work scheme Nakheel succeeded in the early repayment of all its debt to banks, prior to their maturity. This was due to the Company’s success in saving a sum amounting to AED 23 billion through the effective management of liquidity inflows resulting from delivery of units or new project sales.