Dubai's Palm Island developer bags $4.6b funding for new waterfront projects

Dubai's Palm Island developer bags $4.6b funding for new waterfront projects

Photo: Nakheel website

Dubai state developer Nakheel has secured 17 billion dirhams ($4.63 billion) in financing as the group behind the palm-shaped islands accelerates plans for new waterfront projects including Dubai Islands amid a red hot property market.

Nakheel said in a statement on Tuesday that the transaction comprised of 11 billion dirhams in refinancing and additional funds of 6 billion dirhams through a syndicate from Emirates NBD, Mashreqbank and Dubai Islamic Bank.

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