New funding will support Nakheel’s projects such as Dubai Islands and other waterfront projects.
Master-developer Nakheel on Tuesday announced that it has secured Dhs17 billion in strategic financing deal to drive its new phase of growth. This includes refinancing of Dhs11 billion, and additional funds of Dhs6 billion.
The finance will be utilised to accelerate the development of its new projects including Dubai Islands and other large waterfront projects.
The refinancing of Dhs11 billion has been secured through a syndicate of three banks, Mashreq Bank, Dubai Islamic Bank and Emirates NBD demonstrating strong financial foundations and long-term growth prospects of the company.
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.”
Nakheel’s residential. retail and hospitality assets have recorded excellent growth despite the challenges of the pandemic. The company’s fiscal focus, highlighted by efficient management of resources and a stable retail and hospitality portfolio, has gained the trust of its customers and financial institutions. Over the past two years, Nakheel has also invested in building a strong assets portfolio and pipeline of new developments which will deliver consistent revenue growth in future years, and support the goals of the Dubai 2040 Urban Master Plan and ensure the health, wellbeing and happiness of citizens, residents and visitors.
Dubai-based Nakheel is a world-leading master developer whose innovative, landmark projects form an iconic portfolio of master communities and residential, retail, hospitality and leisure developments that are pivotal to realising Dubai’s vision. Nakheel’s waterfront projects, including the world-famous, award-winning Palm Jumeirah, have added more than 300 kilometres to Dubai’s original, 70km coastline, paving the way for the development of hundreds of seafront homes, resorts, hotels and attractions.
Nakheel’s master developments span 15,000 hectares, accommodate nearly 350,000 people and provide a growing range of destinations, attractions and facilities for Dubai’s citizens, residents and tourists. They include Palm Jumeirah, The World, Jumeirah Islands, Jumeirah Park, Jumeirah Village, Al Furjan, The Gardens, Discovery Gardens, Jebel Ali Village, Nad Al Sheba Villas and Dubai Islands.
Nakheel Community Management (NCM) is an integrated, customer centric community management company with a vision to create the most desirable and exciting communities. With customer happiness the core objective, NCM’s three pillars include: community centricity, customer focus and technology driven. NCM delivers world-class services to homeowners and residents across its communities through innovation, technology and international best practices.
Nakheel owns and operates a diverse range of world-class retail experiences with a distinct portfolio of iconic lifestyle, shopping, dining and entertainment destinations across Dubai. Palm Jumeirah is home to The Pointe, featuring the world’s largest fountain, The Palm Fountain, as well as Nakheel Mall, Golden Mile Galleria, Club Vista Mare, The Palm Monorail, Palm West Beach, and the observation deck, The View, at the top of The Palm Tower.
Nakheel’s expanding portfolio also includes distinguished, large-scale shopping centres such as Ibn Battuta Mall, and Circle Mall, and retail Pavilions at eight Nakheel residential communities. Upcoming projects include Al Khail Avenue.
Nakheel Hospitality’s project portfolio includes a diverse range of hotels and resorts, including five star, luxury establishments, family-friendly resorts and stylish, modern hotels: The St. Regis Dubai, The Palm, Premier Inn Ibn Battuta Mall, Avani Ibn Battuta, Riu Dubai and the Centara Mirage Beach Resort Dubai.
Nakheel Home Rental’s portfolio currently comprises more than 16,500 villas and apartments at The Gardens, Discovery Gardens, Al Furjan, Nad Al Sheba Villas, Palm Jumeirah, Badrah and Veneto.