On 8 November, Nakheel revealed that it had secured a strategic finance agreement worth AED17 billion to support its upcoming phase of growth. This comprises a refinancing of AED 11 billion and AED 6 billion in extra capital. The funds will be used to quicken the construction of the company’s new initiatives, such as Dubai Islands and other sizable coastal projects.
Mashreq Bank, Dubai Islamic Bank, and Emirates NBD formed a syndicate to achieve the AED11 billion refinancing, indicating the company’s solid financial basis and long-term growth prospects.
A Nakheel spokesperson said the transactions will further strengthen its financial position and reflects the confidence of the banking institutions in the strategic new focus of the company. “Dubai’s real estate sector is recording robust growth, driven by regulatory reforms, such as the issuance of long-term visas, and a buoyant economy supported by the robust growth of retail, leisure, and hospitality. As Dubai’s pioneering master developer with high-performing assets in these core economic sectors, we are entering a new phase of growth placing our customers at the heart of everything we do. This new era of Nakheel will be defined by our commitment to developing exceptional communities, enhancing customer-oriented services, and delivering value across all touch points.”
Despite the obstacles of the pandemic, Nakheel’s residential retail and hospitality assets have had great growth. Customers and financial institutions have come to trust the company’s fiscal emphasis, which is demonstrated by effective resource management and a solid retail and hospitality portfolio. Nakheel has also made investments over the past two years to develop a strong asset portfolio and pipeline of new projects that will deliver steady revenue growth in the coming years, support the objectives of the Dubai 2040 Urban Master Plan and guarantee the health, happiness, and fulfillment of locals, residents, and visitors.