From Nasdaq Dubai on Monday morning:
14 Dec 2009 – 09:05:07 Nakheel Development Limited – Announcement Nakheel confirms that it will honour all obligations related to the 2009 Nakheel Development Limited Sukuk using funds that will be provided by the Dubai Financial Support Fund. In accordance with the terms of the Sukuk, the repayment will occur within the next 14 days.
Meanwhile, the Wall Street Journal reports:
DUBAI — Dubai said Monday that it has received $10 billion in financing from Abu Dhabi, which will pay part of the debt held by conglomerate Dubai World and its property unit Nakheel.
Out of this, $4.1 billion will be used to repay Nakheel’s Islamic bond, or sukuk, that matures Monday. The remainder of the funds will be used to finance Dubai World’s needs until the end of April 2010.
“We are here today to reassure investors, financial and trade creditors, employees, and our citizens that our government will act at all times in accordance with market principles and internationally accepted business practices,” Sheikh Ahmed bin Saaed al-Maktoum said in a statement.
Related link:
DP World and Jafza allay fears – FT