DUBAI, United Arab Emirates (AP) — Dubai's developer Nakheel behind the famed man-made palm-shaped islands says it is repaying 7.9 billion dirhams, or roughly $2.1 billion, four years before the last installment is due.
The indebted state developer was scheduled to repay the credit over three installments between September 2015 and March 2018.
Nakheel said on Wednesday that it made early repayments of 2.35 billion dirhams ($640 million) in February. The remaining 5.54 billion dirhams ($1.51 billion) is being paid this month.
Nakheel says it will pay the $1.51 billion to 31 banks, of which almost $940 million will go to UAE banks and $570 million to overseas banks.
Nakheel's credit-fueled building spree was at the heart of Dubai's 2009 financial crisis. The state developer was part of Dubai World, but separated during financial restructuring.