Nakheel Development Ltd, the property arm of state owned conglomerate Dubai World is confident that it will complete its debt restructuring by the end of the year.

The report quoted Mr Ali Rashid Lootah chairman of Nakheel as saying that a good percentage of banks have agreed to the restructuring. The comments affirmed the time frame for completion of the deal that Nakheel chief executive Mr Chris O'Connell gave in late September.

Nakheel has said it has about 85% of acceptances, by value, for its debt restructuring and was well on target to achieve its 95 percent acceptance of all payables and claims within the near future.

Mr Lootah added that the developer is in preliminary talks for listing an Islamic bond, or sukuk on Nasdaq Dubai. Under Nakheel's restructuring plan, trade creditors have been offered 40% of what they are owed in cash and the remaining 60% through a sukuk Islamic bond.

Nakheel plans to issue AED 6 billion (USD 1.63 billion) Islamic bond as part of its debt repayment plan as it restarts several key projects.

(Sourced from Reuters)