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SMALL BUSINESS
Dubai developer to pay $10 million on bond
AP
CAIRO -The property developer that is part of the debt-saddled Dubai World conglomerate says it will make a $10 million payment this month on a $750 million Islamic bond that matures next year.
In a statement posted on the Nasdaq Dubai Web site Tuesday, Nakheel said it will make the $10.3 million payment on Jan. 19, when the payment is due.
Dubai World, Dubai's chief engine for growth, wants creditors to delay repayment on roughly $26 billion of its $60 billion in debts.
Dubai's neighbor, oil-rich Abu Dhabi, recently spared Nakheel from a $4.1 billion default on an Islamic bond through a $10 billion bailout.
Dubai World and Nakheel amassed the debt through years of tapping into cheap credit to finance projects such as Dubai's palm shaped islands.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2010-01-12 04:18:17
COMMENTS ( 58 )
caituanmai
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xinlin10
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xinlin10
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aqhua20
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SharonlynnB
3:16PM Dec 1 2009
Dubai receives most of their finances from Iran don't they? I find it rather strange that Dubai would put a hold on their debts just as Iranian officials are claiming to build more nuclear facilities. Perhaps I am confused about this subject considering how confusing the International debts can be.
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