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Dubai's Nakheel to tap state funds to repay bonds

Dubai's Nakheel to tap state funds to repay bonds

The Dubai property developer behind the emirate's manmade islands says it will use government financial support funds to repay more than $800 million in debt coming due next month.
Nakheel said in a regulatory filing to the Nasdaq Dubai stock exchange that the Dubai Financial Support Fund has made the cash available to repay the sukuk, a type of Islamic bond.
It matures on January 16 and is the last sukuk Nakheel has listed on the exchange.
Nakheel says investors will be paid a total of $871.6 million.
The state-run firm is still in talks to restructure at least $10.5 billion in debt.