Nakheel announces plans to sell $2.5 billion in bonds
Dubai’s premier property development firm, Nakheel Group, recently announced that it intends to sell $2.5 billion of its bonds, and will begin a roadshow for the three-year bonds known as sukuk next week.
Thr government-owned group is currently developing three palm-shaped islands off the coast of Dubai, and has real-estate development projects are worth more than $30 billion, according to Reuters.
“With its three iconic Palm developments and 17 landmark projects worth more than $30 billion under development, Nakheel has always been at the forefront of Dubai’s expansion,” stated Nakheel’s chairman, Sultan bin Sulayem.
Nakheel also added in a statement that holders of the bonds will have the right to buy at a discount any shares Nakheel or its units sell in an initial public offering.