Nakheel Sukuk Delayed By Inaccurate Bank Details, Alkhaleej Says

Sept. 6 (Bloomberg) -- Nakheel PJSC, the developer of man-made islands off Dubai’s coast, delayed the issuance of 1 billion dirhams ($272 million) of Islamic bonds to its contractors and suppliers after bank account details of 30 trade creditors were found to be inaccurate, Alkhaleej reported, citing an unidentified person.

The company asked the creditors to resubmit their account details to proceed with the second tranche of Islamic bonds, the newspaper said. The program is part of Nakheel’s 4.8 billion-dirham sukuk program.

-- Editor: James Kraus

To contact the reporter on this story: Tamara Walid in Abu Dhabi at twalid@bloomberg.net

To contact the editor responsible for this story: Chad Thomas at cthomas16@bloomberg.net