Parent company Dubai World due to present repayment plan for $22bn of debt to creditors next month
Nakheel’s chief commercial officer has left the state-linked Dubai developer, as its parent Dubai World attempts to restructure $22bn of debt. Nakheel did not make the nature of Manal Shaheen’s departure. Her exit comes amid a spate of redundancies at the company.
Dubai World is due to present a repayment plan to creditors next month. – please mention in stand first, thanks.
Nakheel owes money to UK contractors and consultants, as well to banks and bond-holders, and payments are understood to have slowed even further amid the restructuring talks.
Dubai World is unlikely to pay off Nakheel's $980mn Islamic bond due on 13 May, commentators believe.
In November Dubai World shocked global markets by announcing it would request a delay on repaying $26bn of its debts. It then narrowly avoided defaulting on a $4.1bn Islamic bond linked to Nakheel, after a last-minute bailout from Abu Dhabi.
Shaheen, an Emirati, was one of the most high-profile figures at Nakheel.