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The Association for Consultancy and Engineering (ACE) today welcomed the announcement from Nakheel that it would issue the first tranche of its $1.3bn sukuk this week. The Dubai-based real estate developer announced its intention to issue the Islamic bond in 2010 as part of its restructuring activities.
In the autumn of 2010 a high-level ACE delegation, led by ACE’s chief executive, met with the chairman of Nakheel, Ali Rashid Ahmed Lootah, to discuss the issue of outstanding debts to UK consultancies operating on Nakheel projects. The discussions were positive, and led to a commitment that 40% of outstanding debt would be paid, with the remainder issued through a sukuk.
Nelson Ogunshakin OBE, ACE chief executive, said: “Nakheel’s announcement is good news. ACE has worked closely with Nakheel to ensure that outstanding debts are paid in full, and I am pleased that we are now a stage closer to closure on this issue. ACE will continue to work constructively with Nakheel in maintaining dialogue with, and building confidence among, the UK construction supply chain.”
It is thought that the distribution process, which will be managed by Deutsche Bank, would take two to three months to complete. ACE will continue to monitor developments on behalf of its membership.
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For media queries please contact Michael Hall (mhall@acenet.co.uk) (020 7222 6557).
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