Nakheel, the developer of the Palm and World projects in Dubai, has presented to its financial creditors its proposals to deal with billions of dollars of debt. The plans were given a cautious but positive reception by bankers. The proposals were presented at a meeting between the company and more than 20 banks yesterday at the Atlantis, The Palm on Palm Jumeirah.
One banker said: "There was nothing especially new in their proposals. We have seen them before. But we are able to consider them now as formal propositions." Nakheel owes about US$10.5 billion (Dh55.09bn) to banks, contractors and customers, with financial creditors thought to account for about $4bn of that total. The debts are being rescheduled as part of the general restructuring of the debts of Dubai World, Nakheel's parent, which run to $23.5bn.
Creditors are being asked to change the terms of their existing loans to Nakheel to a new repayment plan of between five and eight years. Most of the new debt will carry an interest rate of 1 or 2 per cent a year. The company would not confirm reports that one tranche of debt would pay as much as 4 per cent a year. A statement said: "The company has negotiated the terms of the restructuring with the co-ordinating committee [CoCom] of its creditor banks, with the support of Dubai World and the Government of Dubai.
"The terms of the restructuring are unanimously supported in principle by the CoCom, subject to further internal approvals. "As is customary at this stage of the process, no resolution was sought in the meeting. Creditor banks will have the opportunity to review the information provided before responding to the proposal. The company expects to complete the restructuring over the coming months." A meeting of financial creditors to the parent Dubai World is due to be held next week.
Nakheel has started to pay its trade creditors as part of an offer made in March, when the Dubai Government said it would inject $8bn into the property developer. Under the deal, contractors were offered 40 per cent in cash and 60 per cent in the form of tradable securities with a 10 per cent yearly return. Riad Kamal, the chief executive of Arabtec Construction, said last week the company had received 40 per cent of what it was owed.
Nakheel said this month it had reached an agreement with 75 per cent of its trade creditors and would settle Dh4bn of claims within two weeks. The developer also needs to have 95 per cent of all its trade creditors on board before it can start the second phase of payments in the form of tradable securities. @Email:fkane@thenational.ae @Email:agiuffrida@thenational.ae
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
COMPANY%20PROFILE
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The specs
Engine: 5.2-litre V10
Power: 640hp at 8,000rpm
Torque: 565Nm at 6,500rpm
Transmission: 7-speed dual-clutch auto
Price: From Dh1 million
On sale: Q3 or Q4 2022
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How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
Killing of Qassem Suleimani
COMPANY%20PROFILE
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Match statistics
Dubai Sports City Eagles 8 Dubai Exiles 85
Eagles
Try: Bailey
Pen: Carey
Exiles
Tries: Botes 3, Sackmann 2, Fourie 2, Penalty, Walsh, Gairn, Crossley, Stubbs
Cons: Gerber 7
Pens: Gerber 3
Man of the match: Tomas Sackmann (Exiles)
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Sustainable Development Goals
1. End poverty in all its forms everywhere
2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture
3. Ensure healthy lives and promote well-being for all at all ages
4. Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all
5. Achieve gender equality and empower all women and girls
6. Ensure availability and sustainable management of water and sanitation for all
7. Ensure access to affordable, reliable, sustainable and modern energy for all
8. Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all
9. Build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation
10. Reduce inequality within and among countries
11. Make cities and human settlements inclusive, safe, resilient and sustainable
12. Ensure sustainable consumption and production patterns
13. Take urgent action to combat climate change and its effects
14. Conserve and sustainably use the oceans, seas and marine resources for sustainable development
15. Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss
16. Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels
17. Strengthen the means of implementation and revitalise the global partnership for sustainable development
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Fixtures (6pm UAE unless stated)
Saturday Bournemouth v Leicester City, Chelsea v Manchester City (8.30pm), Huddersfield v Tottenham Hotspur (3.30pm), Manchester United v Crystal Palace, Stoke City v Southampton, West Bromwich Albion v Watford, West Ham United v Swansea City
Sunday Arsenal v Brighton (3pm), Everton v Burnley (5.15pm), Newcastle United v Liverpool (6.30pm)
Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
What is tokenisation?
Tokenisation refers to the issuance of a blockchain token, which represents a virtually tradable real, tangible asset. A tokenised asset is easily transferable, offers good liquidity, returns and is easily traded on the secondary markets.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding