Dubai-based developer Nakheel secures strategic finance of AED 17 billion

Dubai-based property developer Nakheel has announced that it has secured AED 17 billion in a strategic financing deal. The funds will be utilised to drive its new phase of growth.

According to a press release published in Zawya, the deal includes refinancing of AED 11 billion and additional funds of AED 6 billion.The refinancing has been secured from a partnership of three banks, Mashreq Bank, Dubai Islamic Bank, and Emirates NBD.

Along with accelerating its extensive waterfront projects, the finance will be used to accelerate the development of its new projects, including Dubai Islands.

As per the report, a Nakheel spokesperson emphasised that the transactions will strengthen the company's financial position.

“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. 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.”

Nakheel Community Management (NCM) is an integrated, customer-centric community management company. The company's core objectives includes ensuring community centricity, customer focus, and a technology-driven approach.

Among large-scale shopping centres, its portfolio includes the likes of Ibn Battuta Mall, Circle Mall, and retail Pavilions at eight Nakheel residential communities. Upcoming projects include Al Khail Avenue.