By: Amr Adel 

Dubai-Mubasher: Dubai developer Nakheel has completed its financial restructuring programme and is now debt-free, according to the company’s chairman Ali Rashid Lootah.

Over the last six years, or since March 2010, the company met the targets of one of the largest and most complicated restructuring plans ahead of the scheduled period, Lootah added on the sidelines of a press conference.

The chairman continued to say that Nakheel was looking forward to starting a new phase of performance that is more flexible and stronger than ever.

Nakheel was one of the companies which were negatively affected by the 2009 Dubai World debt crisis, but is strongly recovering.

The Dubai Financial Support Fund allocated AED 16.6 billion ($4.52 billion) for Nakheel's restructuring programme, but the company used only AED 1.2 billion ($326.69 million). 

The real estate developer boosted the local economy by making payments of AED 38 billion ($10.34 billion) to various creditors and contractors during the period between 2010 and 2016, added to awarding contracts worth AED 22 billion ($5.99 billion) for the construction of new projects.

Nakheel transferred funds for the repayment of trade creditor sukuk worth AED 4.4 billion ($1.2 billion) maturing on 25 August.

Translated by: Julian Nabil