UAE-based real estate developer Nakheel launched a new luxury project on the Palm Jumeirah yesterday, its first major residential development since completing a massive restructuring process.

Nakheel, which also said it plans to issue the second tranche of its Dh4.8 billion sukuk by the end of April, has appointed Dubai Civil Engineering as the main contractor on the project in a deal worth Dh194 million.

The sukuk is part of Nakheel’s $16 billion debt restructuring deal which repays trade creditors 40 per cent in cash and 60 per cent via the bond.




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