Nakheel's completes $16 billion financial restructuring

eel's completes $16 billion financial restructuring Dubai based developer brought cheer for a large number of investors by completing a Dh60 billion (US$16.33bn) financial restructuring yesterday. The firm promised to deliver almost 8,000 homes in the coming year, giving a new push to the real estate sector that remained under pressure in the past due to various reasons.

Dubai Residents Left in Sweat by Nakheel

Board of Nakheel restructured by Dubai

Board of Nakheel restructured by DubaiIn an effort to restructure and sort out its debts, Dubai appointed a new board and replaced the Chairman of Nakheel.

The chairman, Sultan Ahmed bin Sulayem, close to Sheikh Mohammed bin Rashid al-Maktoum, has been replaced by Ali Rashid Ahmed Lootah, who is presently the Vice Chairman of Mashreqbank.

Compensations from Subsequent Week for Nakheel Contractors

NakheelProperty developer Nakheel is going to start compensating its contractors from subsequent week after Dubai Government’s declaration was made which would thrust $8 billion into the corporation very soon.

The Government is looking for pledge from service providers that they'll complete their projects as per to the new timetables.

Nakheel Executive resigns

Manal-Shaheen-NakheelMs Manal Shaheen, the most influential Chief Commercial Officer of Dubai-based Nakheel, has announced her departure from the developer at a time when the real estate developer has been facing tough time and its parent Dubai World is in talks with lenders for restructuring of debts worth $22 billion.

Dubai’s Nakheel sells its stake in Australia’s Mirvac

It was put forward by the Australian stock exchange on Wednesday that last of Dubai state-owned property developer Nakheel's stake in Australian developer Mirvac Group has been sold for A$200 milli