Dubai, United Arab Emirates • Nakheel, the Dubai developer behind the famed man-made palm-shaped islands, said Wednesday it is repaying $2.15 billion this month nearly four years before the last installment is due.
The indebted state developer was scheduled to repay the credit over three installments between September 2015 and March 2018. Nakheel said it made early repayments of $640 million in February. The remaining $1.51 billion is being paid and cleared this month, it said.
Nakheel will pay the $1.51 billion to 31 banks, of which almost $940 million will go to UAE banks and $570 million to overseas banks. The company said it will also pay interest of around $35 million covering the six months from end of February to end of August.