Dubai-Mubasher: Dubai developer Nakheel will be completely debt-free after the full payment of its AED 4.4 billion trade creditor sukuk when it matures on 25 August.

“The scheduled payment marks the end of the company’s financial restructuring, which began in August 2011, with all creditor obligations now fulfilled,” the company said in a statement.

Nakheel had prepaid all of its bank debt amounting to AED 7.9 billion four years ahead of the scheduled repayment date, with final payment made on 21 August 2014.

The sukuk repayment follows a string of other Nakheel's achievements over the last six years like meeting the restructuring plan targets two years ahead of the scheduled five year implementation programme, with savings of AED25 billion.

The company also made payments of AED 38 billion to various creditors and contractors, as well as awarding contracts worth AED22 billion for project construction and operational matters.

Nakheel launched more than 70 new projects, some of which are completed and operational while others are in various stages of development.