A spokesperson said that the transactions will further strengthen Nakheel’s financial position and reflect the confidence of banking institutions in the new strategic focus of the company
UAE-based developer Nakheel has secured US $4.6bn in strategic financing – refinancing an initial $3bn and agreeing additional funds of $1.63bn – as it looks to drive its new phase of growth.
According to a Nakheel spokesperson, the finance will be used to accelerate the development of new projects such as Dubai Islands and other large waterfront projects. The refinancing of $4.6bn has been secured through a syndicate of three banks: Mashreq Bank, Dubai Islamic Bank, and Emirates NBD.
The spokesperson added that the transactions will further strengthen Nakheel’s financial position and reflect the confidence of banking institutions in the new strategic focus of the company.
“Dubai’s real estate sector is recording robust growth, driven by regulatory reforms, such as the issuance of long-term visas, and a buoyant economy supported by the robust growth of retail, leisure and hospitality,” he stated.
“As Dubai’s pioneering master-developer with high-performing assets in these core economic sectors, we are entering a new phase of growth placing our customers at the heart of everything we do. This new era of Nakheel will be defined by our commitment to developing exceptional communities, enhancing customer-oriented services, and delivering value across all touch points.”
The developer pointed out that its residential, retail and hospitality assets have recorded excellent growth despite the challenges of the pandemic. It added that its fiscal focus, highlighted by efficient management of resources and a stable retail and hospitality portfolio, has gained the trust of its customers and financial institutions.
Over the past two years, the master developer had also invested in building a strong assets portfolio and pipeline of new developments which will deliver consistent revenue growth in future years, the spokesperson said. These will support the goals of the Dubai 2040 Urban Master Plan and ensure the health, wellbeing and happiness of citizens, residents, and visitors, he concluded.
In early October 2022, Knight Frank said prime residential values in Dubai were up by 88.8%.