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December 1, 2009

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Developer Wants Bonds Suspended

DUBAI'S Nakheel, developer of man-made islands in the shape of palms, has asked for three of its listed Islamic bonds, or sukuk, on Nasdaq Dubai to be suspended until it is in a position to inform the market more fully.

"Following the announcement on Wednesday November 25 from the government of Dubai, Nakheel has today asked for all three of their listed sukuk to be suspended," it said. Nakheel is one of two flagship companies, along with Dubai World, which announced last week they would seek a debt standstill agreement from creditors until May 2010.


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