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DUBAI: Dubai state developer Nakheel said on Tuesday it secured 17 billion dirhams ($4.63 billion) in financing from local banks that would be used towards new projects including the Dubai Islands and other waterfront developments.

The developer of the palm shaped islands off Dubai said the financing was through a syndicate of three local lenders, Emirates NBD, MashreqBank, and Dubai Islamic Bank.

The transaction comprises of 11 billion dirhams in refinancing and additional funds of 6 billion dirhams through a syndicate A Nakheel spokesperson said, “The transactions will further strengthen its financial position, and reflects the confidence of the banking institutions in the strategic new focus of the company.”

The state-owned firm was one of the developers worst hit by Dubai’s real estate crash at the turn of the decade, forcing it into a massive debt restructuring.

Dubai’s red-hot property market surged in the first half of this year as investors piled in, with Russians among the top five buyers as the emirate benefits from an influx of wealth in the wake of Western sanctions.

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The first half saw residential real estate transaction volumes up 60% with an 85% rise in the value of properties sold, property consultancy Betterhomes said in a report in July.

Dubai’s property market began recovering from 2020’s severe downturn early last year with buyers snapping up luxury units after the emirate eased pandemic restrictions faster than most cities around the world.

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