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Nakheel to issue bonds to repay debt

Troubled Dubai-based property developer Nakheel is set to issue a AED4.8bn (£800M) sukuk to trade creditors by 25 August.

The five-year sukuk is a key part of Nakheel’s debt restructuring and will form the final part of paying off outstanding bills to trade creditors, including UK civils firms, who have already received 40% of their bills in cash, according to NCE’s sister title MEED.

The Association for Consultancy and Engineering (ACE) said it welcomed the deal after leading a delegation in autumn 2010 on behalf of UK consultancies, to retrieve money on unpaid bills.

ACE chief executive Nelson Ogunshakin said: “Nakheel’s announcement is good news. The ACE has worked closely with Nakheel to ensure that outstanding debts are paid in full, and…will continue to work constructively with Nakheel in maintaining dialogue with, and building confidence among, the UK construction supply chain.”

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