Ali Rashed Lootah

Nakheel rules out Sukuk and looks to bank debt

Nakheel has said that it will not sell Sukuk to fund its growth plans, in the hope that its recovery from the risk of default in 2009 will help it secure cheaper funding from banks. Chairman of Nakheel, Ali Rashed Lootah, said the firm will not go for a bond because bonds are more expensive than commercial lending from the banks actually. He considers Nakheel being in a strong position to negotiate with lenders, with banks, and get good terms especially after what they have achieved.

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