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.