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DUBAI: Dubai’s Nakheel issued an Islamic bond worth Dh121m ($32.94m) yesterday, the third tranche of a sukuk that forms part of the developer’s billion-dollar restructuring plan.
The bond will go towards part settlement of trade creditor claims against the company worth around Dh5.3bn. This tranche takes the total amount of sukuk issued to Dh4.15bn, Nakheel said in an emailed statement.
The first tranche was issued in August 2011, part of the company’s $16bn restructuring plan.
Nakheel was hit by a property slump in the Gulf Arab emirate after it overstretched itself building islands in the shape of palms and other ambitious projects.
The developer, which is owned by the Dubai government, said apart from the sukuk and related profit payments it has also paid around Dh10bn to various trade creditors and contractors since November 2009.
Saudi lender reports Q4 net profit jump
RIYADH: Banque Saudi Fransi, the lender part-owned by Credit Agricole, posted a 22.2 percent jump in its fourth-quarter net profit citing higher operating income, it said in a bourse statement yesterday.
The kingdom’s fifth-largest bank by market capitalisation said it made SR808m ($215.5m) in the three months ending December 31 compared with SR661m in the same period a year earlier.
The lender’s 2012 net profit was SR3bn compared to SR2.9bn in 2011, the statement added.
Iraq oil exports
slip in December
BAGHDAD: Iraq’s oil exports fell to 2.34 million barrels per day (bpd) in December from 2.62 million bpd in November due to a slowdown in Kurdistan exports, rough weather and technical problems with a Single Point Mooring terminal, a government oil adviser said yesterday.
Iraq shipped 2.02 million bpd from the southern oil hub of Basra, down from 2.194 million bpd in November, said Abdul-Ilah Qasim, an energy adviser to the Iraqi government.