Nakheel made a net profit of AED1.2 billion (US$327 million) in H1 2013, a 57% increase on a net profit of AED767 million reported for H1 2012. Revenues for H1 2013 stood at AED4.23 billion, up 36% on revenues of AED3.1 billion noted in H1 2012. The re…
<p>JPMorgan Chase & Co. is advising clients to buy Nakheel PJSC’s Islamic bonds as new projects boost the Dubai developer’s earnings, while government backing makes a default improbable. State-run Nakheel’s 4.27 billion dirhams ($1.2 billion) of sukuk yielded 9.88 percent at 12:30 p.m. in Dubai, down seven basis points this month, after surging 179 basis points in June. That’s more than twice the average gain in yields on corporate Islamic debt tracked by HSBC/Nasdaq Dubai indexes. JPMorgan listed Nakheel in a July 4 research note as its “top overweight recommendation” among Dubai real-estate debt. Nakheel will manage to pay or refinance as much as half of the $3 billion of debt due in 2016 as it generates at least $1 billion from new projects and land sales.</p>
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<p><a href="http://www.global-islamic-finance.com/2013/07/jpmorgan-touts-nakheels-sukuk-saying.html" title="http://www.global-islamic-finance.com/2013/07/jpmorgan-touts-nakheels-sukuk-saying.html">http://www.global-islamic-finance.com/2013/07/jpmorgan-touts-nakheels-su…</a></p>
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Nakheel's sukuk yields spiked yesterday, as the developer discusses its options on how to refinance its upcoming debt repayments. Yields for the developer on its Islamic bonds maturing in 2016 hit their highest level since November last year. Analysts …
Dubai’s Nakheel announced that it issued a USD32.66 million sukuk as part of its restructuring plan. This is the property developer’s fourth issuance which brings the total amount issued by the firm to USD1.16 billion. Since November 2009, Nakheel has …
The real estate developer Nakheel on Tuesday announced that it paid an additional Dh206 million to its creditors as part of its debt restructuring. The funds, due to be paid at the end of February 2013 in accordance with the developer’s financial restructuring commitments, bring the total loan interest and trade creditor sukuk profit paid to Dh923 million since restructuring. According to Nakheel chairman Ali Rashid Lootah, The company is in a good financial position and has about $600 million of cash on its balance sheet.
Developer Nakheel is in talks to extend 8 billion dirhams ($2.18 billion) in loans due in 2015, according to its chairman Ali Rashid Lootah. The bank loans under consideration include 6.76 billion dirhams in secured facilities provided by, among others…
Nakheel may look to refinance its sukuk borrowings this year due to a reported growing of its 2012 profits. However, an analyst warned of wrong rating and pricing.
Source:
http://www.euroweek.com/Artic…
Ali Rashid Lootah, the chairman of Dubai government-owned developer Nakheel, assured that his company is in a good financial position and has about $600 million of cash on its balance sheet. The comments followed a recent report from analysts at boutiq…
Nakheel’s bonds have brought their bondholders four times more returns than global peers this year. This year’s return of the company’s notes is 48%. Thus, the average gains of 11 per cent for the Bank of America Merrill Lynch Global Real Estate Index …
About a year ago, Nakheel issued about AED4bn ($1.09bn) of sukuk to its trade creditors. Some holders were quick to offloaded them on the secondary market being impatient to finally settle their outstanding bills from the company. This led to a crash i…
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