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18 May 2024

Nakheel issues Dh121m in third tranche of trade creditor sukuk

By Wam

Nakheel today completed another milestone by issuing the third tranche of its trade creditor sukuk.

The sukuk programme was established on August 265, 2011, with the first tranche of Dh3.8 billion launched at the time.
The issuance of Dh121 million brings the total amount issued to Dh4.148 billion, and further underpins Nakheel’s commitment towards successfully implementing its revised business plan and the settlement of trade creditor claims.
In addition to the issuance of the sukuk and payment of all profits due on the sukuk to date, Nakheel has made payments totaling around Dh10 billion to various trade creditors and contractors since November 2009, when its restructuring process commenced.