Nakheel PJSC, the Dubai World-owned property developer seeking to renegotiate debt, had a first-half loss of 13.4 billion dirhams ($3.65 billion) as revenue fell and it wrote down the value of land and property, according to a document obtained by Bloomberg News.
The loss for the company building the palm tree-shaped islands off the emirate’s coast, compared with a year-earlier profit, was 2.65 billion dirhams according to its financial statement for the six months to June. Revenue fell 78 per cent to 1.97 billion dirhams. A spokesman for Dubai World, Nakheel’s parent, declined to comment.
Dubai World began talks last week with banks to restructure $26 billion debt, including a $3.52 billion Islamic bond of Nakheel maturing on December 14. Dubai World held talks on Monday with its six main creditors, according to a banker familiar with the negotiations.