Dubai’s Nakheel secures financing worth $4.6bn to drive growth

Dubai’s real estate developer Nakheel has secured Dhs17bn in a strategic financing deal to drive its new phase of growth.

The funding includes refinancing of Dhs11bn and additional funds of Dhs6bn, and will be utilised to accelerate the development of its new projects including Dubai Islands and other large waterfront projects.

The refinancing of Dhs11bn has been secured through a syndicate of three banks – Mashreq Bank, Dubai Islamic Bank and Emirates NBD.

The transactions will further strengthen its financial position, and reflects the confidence of the banking institutions in the strategic new focus of the company, a Nakheel spokesperson said. “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. 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.”

In September, Nakheel unveiled its re-branding, reflecting its goal to enhance the wellbeing and quality of life for citizens, residents and visitors.

Read: Dubai’s Nakheel unveils rebranding to reflect next phase of growth

In August, the master developer announced a new vision for Dubai Islands (formerly known as Deira Islands). Supporting the Dubai 2040 Urban Master Plan, the islands will be home to over 80 resorts and hotels, including luxury and wellness resorts, boutique, family and eco-conscious hotels.

Read: Nakheel introduces master plan vision for Dubai Islands