In order to restructure its existing debt, Dubai developer Nakheel is rumored to be planning a loan of roughly AED17 billion ($4.6 billion).
The company, which is the developer of the iconic Palm Jumeirah, approached a group of local banks for the loan – including Dubai Islamic Bank and Emirates NBD, unnamed sources told Bloomberg.
The banks are also asking regional and global lenders to participate in the deal, the sources said.
Nakheel is also the master developer of other prime residential areas in Dubai, such as Jumeirah Islands, Jumeirah Park, and Al Furjan.
It also has Discovery Gardens, International City, as Jumeirah Village Circle, which has recently gained traction for new real estate sales, in its portfolio of communities.
