Dubai’s government-owned developer Nakheel is close to completing a debt restructuring deal worth $4.6bn.
It is understood that Nakheel has been negotiating with a group of lenders, including local banks Emirates NBD, Mashreq and Dubai Islamic Bank.
The negotiations are set to refinance 11bn UAE dirhams ($3bn) of existing debt and to raise Dh6bn ($1.63bn) to kickstart development of Palm Jebel Ali, a stalled seafront project.
The group, which is behind some of the Gulf state’s landmark developments including the Palm Jumeirah, is accelerating plans to tap into surging demand for property in the Gulf emirate.
