Nakheel issues Dh120m sukuk

'This issuance takes the total amount issued to Dh4.27bn'

Nakheel issued a sukuk (Islamic bond) worth Dh120 million on Tuesday, the fourth tranche that forms part of the developer's billion-dollar restructuring plan.

The new sukuk issuance takes the total amount issued to Dh4.27 billion, the company said.

“We continue to successfully implement our revised business plan and to honour our commitment to the settlement of trade creditor claims,” a company spokesman said.

In January, the developer issued an Islamic bond worth Dh121 million. The first tranche was issued in August 2011, part of the company's $16 billion restructuring plan.

The developer, wholly owned by the Dubai government, has said it has paid around Dh10 billion to various trade creditors and contractors since November 2009.

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