After years of hard work and careful management, Nakheel becomes completely debt-free after the remittance AED 4.4 billion trade creditor Sukuk, says the company in a statement. Dubai’s commercial life was hugely impacted by the recession happened in 2008/2009 due to the collapse of the American mortgage market, leading a worldwide squeeze in liquidity. Nakheel had prepaid all AED 7.9bn of its bank debt two years ago; four years before the scheduled repayment date.
Nakheel is well-known for developing world’s largest man-made islands, the Palm Islands in Dubai. The company’s other projects include the Dubai Waterfront, The Universe Islands, Jumeirah Lake Towers, and Ibn Battuta Mall.